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EXHIBIT 6 <br />>0911 <br />KEYSER MARSTON ASSOCIATES, <br />ADVISORS IN PUBLIC/PRIVATE REAL ESTATE DEVELOPMENT <br />MEMORANDUM <br />ADVISORS IN: <br />Real Estate To: Natalie Verlinich, Housing Programs Analyst <br />Redevelopment <br />Affordable Housing City of Santa Ana <br />Economic Development <br />SAN FRANCISCO From: <br />Kathleen Head <br />A. Jerry Keyser <br />Subject: First Street Apartments: Financial Gap Analysis <br />Timothy C. Kelly <br />Tim Bretz <br />Kate Earle Funk <br />Debbie M. Kern <br />Reed T. Kawahara <br />Date: <br />April 15, 2016 <br />David Doezema <br />At your request, Keyser Marston Associates, Inc. (KMA) prepared a financial gap analysis <br />Los ANGELES <br />Kathleen H. Head <br />Subject: First Street Apartments: Financial Gap Analysis <br />James A. Rabe <br />Gregory D. Soo -Hoo <br />Kevin E. Engstrom <br />Julie L. Bonney <br />At your request, Keyser Marston Associates, Inc. (KMA) prepared a financial gap analysis <br />SAN DIEGO <br />Paul C. Marra <br />for the First Street Apartments project being proposed by AMCAL Multi -Housing Inc. <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 to develop the 2.15 -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 900711 PHONE 213.622.8095 <br />W W W.KEYSERMARSTON.COM <br />65A-41 <br />1604007:SA;TRB <br />19090.014.001 <br />