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Natalie Verlinich, City of Santa AnaApril 15, 2016 <br />First Street Apartments: Financial Gap Analysis Page 14 <br />associated with the competitively awarded 9% Tax Credits, the financial gap is <br />approximately equal under both scenarios. As such, it is KMA’s recommendation that <br />no Developer Fee deferral be required. <br />CONCLUSION <br />Based on the results of the preceding analysis, the Developer’s request for $8.9 million <br />in direct financial assistance from the City is warranted by the Project economics. <br />1604007:SA;TRB <br />19090.014.001 <br />