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EXHIBIT 1 Natalie Verlinich, City of Santa Ana April 15, 2016 First Street Apartments: Financial Gap Analysis Page 3 1. The Site Is comprised of 2.15 acres, or 93,654 square feet of land area. 2. The Project's unit mix is as follows: 3. The Project's gross building area (GBA) is estimated at 81,218 square feet, and is comprised of the following; a. The residential GBA is estimated at 63,549 square feet; and b. The circulation / common area GBA is estimated at 17,669 square feet. 4. The Project Includes 119 tuck -under parking spaces, which equates to approximately 1.7 parking spaces per unit. 5. The Project's proposed affordability mix is as follows: Very -Low Inc H&SC / Tax Credit @ 30%7C Median 1 7 Very -Law Inc H&SC / Tax Credit @ 35%TC Median 7 Very -Low Inc H&SC / Tax Credit @ 40% TC Median 7 Very -Low Inc H&SC/ Tax Credit @ 45% TC Median z 7 Low Inc H&SC/Tax Credit @ 50% TC Median 7 Moderate Inc H&SC / Tax Credit @ 60% TC Median 33 Unrestricted On -Site Manager's Unit 1 Total Units 0 H&SC= the California Health and safety Code, and the "Median" represents the Orange County Median Income published by HCD. The median Income published by ICAC is referred to as the TC Median. 'The Developer's rent for 2 -Bedroom units at 45% of the TC Median is higher than th a H&SC Very -Low Income rent. The Developer's pro forma should be updated to reflect the H&SC very -low income rent. 1004007:9k-TR8 19090.014.001 FO R Numberof Unit5fze Units(Sr) Two -Bedroom Units 35 782 Three -Bedroom Units 28 1,031 Four -Bedroom Units 6 1,219 Total / Weighted Average 69 921 3. The Project's gross building area (GBA) is estimated at 81,218 square feet, and is comprised of the following; a. The residential GBA is estimated at 63,549 square feet; and b. The circulation / common area GBA is estimated at 17,669 square feet. 4. The Project Includes 119 tuck -under parking spaces, which equates to approximately 1.7 parking spaces per unit. 5. The Project's proposed affordability mix is as follows: Very -Low Inc H&SC / Tax Credit @ 30%7C Median 1 7 Very -Law Inc H&SC / Tax Credit @ 35%TC Median 7 Very -Low Inc H&SC / Tax Credit @ 40% TC Median 7 Very -Low Inc H&SC/ Tax Credit @ 45% TC Median z 7 Low Inc H&SC/Tax Credit @ 50% TC Median 7 Moderate Inc H&SC / Tax Credit @ 60% TC Median 33 Unrestricted On -Site Manager's Unit 1 Total Units 0 H&SC= the California Health and safety Code, and the "Median" represents the Orange County Median Income published by HCD. The median Income published by ICAC is referred to as the TC Median. 'The Developer's rent for 2 -Bedroom units at 45% of the TC Median is higher than th a H&SC Very -Low Income rent. The Developer's pro forma should be updated to reflect the H&SC very -low income rent. 1004007:9k-TR8 19090.014.001 FO R