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0AT 11 till <br />EXHIBIT 6 <br />ms's <br />KEYSER MARSTON ASSOCIATES, <br />ADVISORS IN PUE61c/PRIVATE REAL ESTATE DEVELOPMENT <br />MEMORANDUM <br />ADWSONSINi <br />Real Estate <br />To: <br />Natalie Verlinich, Housing Programs Analyst <br />Redevelopment <br />Affordable Housing <br />City of Santa Ana <br />Economic Development <br />SAN FRANOSaO <br />From: <br />Kathleen Head <br />A, Jerry Keyser <br />Timothy C. Kelly <br />Tim Bretz <br />Kate Earle Funk <br />Debble M. Kern <br />Reed T. Kawahara <br />Date: <br />April 15, 2016 <br />David Douzerne <br />LosANDsus <br />Kathleen H. Head Subject: First Street Apartments: Financial Gap Analysis <br />James A. Rabe <br />Gregory D. Sao -Hoo <br />Kevin E. Engstrom <br />Julie L. Romay <br />SAN DI600 At your request, Keyser Marston Associates, Inc. (KMA) prepared a financial gap analysis <br />Paul C. Marra forthe 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) wfth 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 ISLAND AVENUE, SUITE 1480:: LOS ANGELES, CALIFORNIA 90071 l PHONE 213.6218095 <br />1604007,SA;TR3 <br />19D8n,014,001 <br />.O � ' • <br />