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Natalie Verlinich, City of Santa Ana April 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. <br />3 <br />4. <br />a <br />The Project's unit mix is as follows: <br />Number of Unit Size <br />Units SF <br />Two -Bedroom Units 35 782 <br />Three -Bedroom Units 28 1,031 <br />Four -Bedroom Units 6 1,219 <br />Total/ Weighted Average 69 921 <br />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 />The Project includes 119 tuck -under parking spaces, which equates to <br />approximately 1.7 parking spaces per unit. <br />The Project's proposed affordability mix is as follows: <br />Very -Low Inc H&SC / Tax Credit @ 30% TC Median 1 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 />Very -Low Inc H&SC / Tax Credit @ 45% TC Median z 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 Units 69 <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 byTCAC is referred to as the TC Median. <br />z 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 />65A-43 <br />