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X. SENIOR HOUSING TEST <br />The Housing Successor is to calculate the percentage of units of deed - restricted rental housing <br />restricted to seniors and assisted by the Housing Successor, the former redevelopment agency <br />and /or the City within the previous 10 years in relation to the aggregate number of units of <br />deed - restricted rental housing assisted by the Housing Successor, the former redevelopment <br />agency and /or City within the same time period. If this percentage exceeds 50 %, then the <br />Housing Successor cannot expend future funds in the LMIHAF to assist additional senior <br />housing units until the Housing Successor or City assists and construction has commenced on a <br />number of restricted rental units that is equal to 50% of the total amount of deed - restricted rental <br />units. <br />The following provides the Housing Successor's Senior Housing Test for the 10 year period of <br />January 1, 2004 to January 1, 2014: <br />XI. EXCESS SURPLUS TEST <br />Excess Surplus is defined in Section 34176.1(d) as an unencumbered amount in the account <br />that exceeds the greater of one million dollars ($1,000,000) or the aggregate amount deposited <br />into the account during the Housing Successor's preceding four Fiscal Years, whichever is <br />greater. <br />The following provides the Excess Surplus test for the preceding four Fiscal Years: <br />The LMIHAF does not have an Excess Surplus. (Refer to calculation below.) <br />HOUSING AUTHORITY OF THE CITY OF SANTA Al ` Page 7 <br />