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EXHIBIT 3 <br />j <br />KEYSER MARSTON ASSOCIATES.. <br />ADVISORS IN PUBLIC/PRIVATE REAL ESTATE DEVELOPMENT <br />MEMORANDUM <br />ADVISORS IN: <br />Real Estate <br />To: Judson Brown, Housing Division Manager <br />Affordable Housing <br />Economic Development <br />City of Santa Ana <br />BERKELEY <br />From: Tim Bretz <br />A. Jerry Keyser <br />Debbie M. Kern <br />David Doezema <br />Date: October 27, 2022 <br />Los ANGELES <br />Kathleen H. Head <br />James A. Rabe <br />Subject: Habitat Washington Avenue — Preliminary Financial Gap Analysis <br />Gregory D. Soo-Hoo <br />Kevin E. Engstrom <br />Julie L. Romey <br />Tim R. Bretz <br />SANDIEGO <br />At your request, Keyser Marston Associates, Inc. (KMA) prepared a preliminary financial <br />Paul C. Marra <br />a analysis for the project proposed to be developed at 1921 West Washington Avenue <br />gap Y� p J p p p g <br />(Site) by Habitat for Humanity of Orange County (Habitat). The Site is currently owned <br />by Habitat. Habitat proposes to demolish the existing vacant structures on the Site, and <br />construct six for -sale units to be sold to low income households (Project). Habitat is <br />requesting $2.20 million in financial assistance from the City of Santa Ana (City). The <br />purpose of the KMA analysis is to evaluate Habitat's financial assistance request. <br />EXECUTIVE SUMMARY <br />The results of the KMA financial gap analysis are compared to Habitat's financial <br />proposal in the following table: <br />KMA Habitat Difference <br />Total Development Costs $4,290,000 $4,311,000 ($21,000) <br />(Less) Total Available Revenue (2,054,000) (2,111,000) $57,000 <br />Estimated Financial Gap $2,236,000 $2,200,000 $36,000 <br />777 SOUTH <br />City Council 21 — 9 1244W20.29 <br />WWW.KEYSERMARSTON.COM 19090.018.026 <br />