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Table 17: Age Restriction Proportionality Test (1/112002 -12/31/2014) <br />Age Restricted $8,719,000 7% <br />Non-Age Restricted 112,795,000 93% <br />Totals $121,514,000 100% <br />These expenditures match the current proportionality requirements, and thus, the Agency is <br />anticipated to meet the age restricted targeting standards imposed by Section 33334.4. <br />EXCESS SURPLUS CALCULATION <br />The Affordable Housing Fund is also subject to the "excess surplus" requirements imposed by <br />Section 33334.12. Excess surplus is defined as any unexpended and unencumbered funds in <br />the Affordable Housing Fund that exceeds the greater of $1 million or the aggregate amount <br />deposited into the Affordable Housing Fund during the Merged Project Area's preceding four <br />fiscal years. Based on the Section 33334.12 requirements, the Agency has three years to <br />encumber any excess surplus funds. <br />The Agency does not currently have an excess surplus balance, and as is illustrated below, <br />Agency does not expect to have an excess surplus through FY 2015: <br />C. INCLUSIONARY HOUSING PRODUCTION STATUS <br />LEGAL REQUIREMENTS <br />For the purposes of this implementation Plan, inclusionary housing production refers to a <br />redevelopment agency's obligation to cause a specified percentage of new or rehabilitated <br />housing produced in a Merged Project Area to be available at affordable housing cost. It does <br />not matter whether the housing is market rate or cost restricted, nor does it matter if the <br />housing is privately or publicly produced. <br />Santa Ana Core <br />For the Merge <br />Redeveloprrrent Agency Imgjgry? tio?Pjn <br />Ana Redevelopment ProjectXF1?A1 <br />July 1, 2010 to.', 2015 <br />ge 49 <br />Table 18: Excess Surplus Calculation (FY 2011112 - FY 2014/15)