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777 SOUTH FIGUEROA STREET, SUITE 2555  LOS ANGELES, CALIFORNIA 90017  PHONE 213.622.8095 <br />2412002v3.SA.TRB <br />WWW.KEYSERMARSTON.COM 19090.018.035 <br />ADVISORS IN: <br />Real Estate <br />Affordable Housing <br />Economic Development <br />BERKELEY <br />Debbie M. Kern <br />David Doezema <br />LOS ANGELES <br />Kathleen H. Head <br />Kevin E. Engstrom <br />Julie L. Romey <br />Tim R. Bretz <br />SAN DIEGO <br />Paul C. Marra <br />Linnie A. Gavino <br />EMERITUS <br />A. Jerry Keyser <br />Timothy C. Kelly <br />MEMORANDUM <br />At your request, Keyser Marston Associates, Inc. (KMA) prepared a preliminary financial <br />gap analysis for the project proposed to be developed at 425 East Wellington Avenue <br />(Site) by Habitat for Humanity of Orange County (Habitat). Habitat purchased the Site in <br />November 2024. <br />The Site includes an existing 9-unit apartment building. Habitat proposes to convert the <br />existing rental units into for-sale condominium units which will be sold to Low or <br />Moderate Income households (Project). Habitat is requesting up to $920,000 in financial <br />assistance from the City of Santa Ana (City). The City’s financial assistance package is <br />proposed to be structured as follows: <br />1.The City proposes to utilize up to $720,000 in Inclusionary Housing (Inclusionary) <br />Funds to provide down payment assistance to eligible homebuyers (Down Payment <br />Assistance Program Allocation). <br />2.The City may provide up to $200,000 in Inclusionary Funds to provide relocation <br />assistance to existing apartment tenants that do not purchase an affordable unit at the <br />property (Conditional Relocation Allocation). <br /> To: Judson Brown, Housing Division Manager <br />City of Santa Ana <br /> From: Tim Bretz <br /> Date: February 10, 2025 <br /> Subject: Habitat Wellington Avenue – Preliminary Financial Gap Analysis <br /> <br />EXHIBIT 3 <br />  <br />  <br />City Council 9 – 13 7/1/2025