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Natalie Verlinich, City of Santa AnaApril 15, 2016 <br />First Street Apartments: Financial Gap Analysis Page 3 <br />1.The Site is comprised of 2.15 acres, or 93,654 square feet of land area. <br />2.The Project’s unit mix is as follows: <br /> Number of Unit Size <br />Units (SF) <br />Two-Bedroom Units35 782 <br />Three-Bedroom Units28 1,031 <br />Four-Bedroom Units61,219 <br />Total / Weighted Average 69 921 <br />3.The Project’s gross building area (GBA) is estimated at 81,218 square feet, and is <br />comprised of the following: <br />a.The residential GBA is estimated at 63,549 square feet; and <br />b.The circulation / common area GBA is estimated at 17,669 square feet. <br />4.The Project includes 119 tuck-under parking spaces, which equates to <br />approximately 1.7 parking spaces per unit. <br />5.The Project’s proposed affordability mix is as follows: <br />1 <br />Very-LowInc H&SC / Tax Credit @ 30% TC Median 7 <br />Very-Low Inc H&SC / Tax Credit @ 35% TC Median 7 <br />Very-Low Inc H&SC / Tax Credit @ 40% TC Median 7 <br />2 <br />Very-Low Inc H&SC / Tax Credit @ 45% TC Median 7 <br />Low Inc H&SC / Tax Credit @ 50% TC Median 7 <br />Moderate Inc H&SC / Tax Credit @ 60% TC Median 33 <br />Unrestricted On-Site Manager’s Unit 1 <br />Total Units69 <br /> <br />1 H&SC = the California Health and Safety Code, and the “Median” represents the Orange County Median <br />Income published by HCD. The median income published by TCAC is referred to as the TC Median. <br />2 The Developer’s rent for 2-Bedroom units at 45% of the TC Median is higher than the H&SC Very-Low <br />Income rent. The Developer’s pro forma should be updated to reflect the H&SC very-low income rent. <br />1604007:SA;TRB <br />19090.014.001 <br />