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MGM. kWJ <br />KEYSER MARSTON ASSOCIATES- <br />ADVISORSIN PUBLIC/PRIVATE REAL ESTATE DEVELOPMENT <br />MEMORANDUM <br />ADvIsoRS IN: <br />Real Estate To: Judson Brown, Housing Division Manager <br />Redevelopment <br />Affordable Housing City of Santa Ana <br />Economic Development <br />SAN FBANciSCO <br />A. Jerry Keyser From: Kathleen Head <br />Timothy C. Kelly Tim Bretz <br />Kate Earle Funk <br />Debbie M. Kern <br />Reed T. Kawahara <br />David Doezema cc: Natalie Verlinich, Housing Programs Analyst <br />Los ANGELES <br />Kathleen H. Head Date: March 1, 2017 <br />James A. Rabe <br />Gregory D. Soo -Hoo <br />Kevin E. Engstrom Subject: Santa Ana Arts Collective: Financial Gap Analysis <br />Julie L. Romey <br />SAN DIEGO <br />Paul C. Marra <br />At your request, Keyser Marston Associates, Inc. (KMA) prepared a financial gap analysis for the <br />Santa Ana Arts Collective project being proposed by Meta Housing Corporation (Developer). <br />The purpose of the KMA analysis is to quantify the maximum amount of financial assistance <br />necessary to provide the proposed affordable housing units. <br />EXECUTIVE SUMMARY <br />The Developer acquired an existing office building located at 1666 North Main Street (Site) and <br />is proposing to convert the building through adaptive reuse into a 58 -unit apartment project <br />(Project). Fifty-seven (57) of the units will be subject to long-term income and affordability <br />covenants, and one unit will be provided to an on-site manager. The Developer proposes to <br />target a tenant population that consists of working artist families. <br />Previous Financial Assistance Request <br />The Developer submitted an initial proposal for the Project in Fall 2015. In that proposal, the <br />Developer requested $4.64 million in financial assistance from the City of Santa Ana (City). KMA <br />reviewed the Developer's proposal and confirmed that the financial assistance request was <br />warranted by the Project economics at that time. <br />S00 SOUTH GRAND AVENUE, SUITE 1480: LOS ANGELES, CALIFORNIA 90071 % PHONE 213.622.8095 <br />W W W.KEYSERMARSTON.COM <br />65A-17 <br />1703001:SNA:TRB <br />19090.014.007 <br />