Laserfiche WebLink
MEMORANDUM <br /> <br />A: <br />$6)3/23 ). <br />To: Natalie Verlinich, Housing Programs Analyst <br />Real Estate <br />Redevelopment <br />City of Santa Ana <br />Affordable Housing <br />Economic Development <br /> <br />From: Kathleen Head <br />SF <br />!. RANCISCO <br />A. Jerry Keyser <br />Tim Bretz <br />Timothy C. Kelly <br />Kate Earle Funk <br />Debbie M. Kern <br />Reed T. Kawahara <br />Date: April 15, 2016 <br />David Doezema <br />LA <br />/3 NGELES <br />Subject: First Street Apartments: Financial Gap Analysis <br />Kathleen H. Head <br />James A. Rabe <br />Gregory D. Soo-Hoo <br />Kevin E. Engstrom <br />Julie L. Romey <br />At your request, Keyser Marston Associates, Inc. (KMA) prepared a financial gap analysis <br />SD <br />!. IEGO <br />for the First Street Apartments project being proposed by AMCAL Multi-Housing Inc. <br />Paul C. Marra <br /> <br />(Developer). The purpose of the KMA analysis is to quantify the amount of financial <br />assistance necessary to provide the proposed affordable housing units. <br />EXECUTIVE SUMMARY <br />The Developer is proposing todevelop the2.15-acre site located at 1440 East First <br />Street (Site) with a 69-unit apartment project (Project). Sixty-eight (68) of the units will <br />be subject to long-term income and affordability covenants, and one unit will be <br />provided to an on-site manager. <br />Estimated Financial Gap <br />KMA conducted an independent pro forma analysis of the Project. While the KMA <br />analysis varied on a line-by-line item basis from the Developer’s proposal, KMA’s <br />estimate of the Project’s financial gap is approximately equal to the Developer’s request <br />for financial assistance. <br />500 SOUTH GRAND AVENUE, SUITE 1480 LOS ANGELES, CALIFORNIA 90071 PHONE 213.622.8095 <br />1604007:SA;TRB <br />WWW.KEYSERMARSTON.COM 19090.014.001 <br />