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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, 2005 to January 1, 2015: <br />Senior Housing Test so i <br /># of Assisted Senior Rental Units " 0 <br /># of Total Assisted Rental Units 565 <br />Senior Housing Percentage 000 <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 />Beginning Balance <br />IFY 2011/12 <br />$0 <br />IFY 2012/13 <br />$37,192,839 <br />FY i <br />'$25,736,346 <br />o <br />$17;996,580' <br />Add: Deposits <br />$58,870,637 <br />$506,303 <br />$1,496,182 <br />$2,329,877 <br />(Less) Expenditures <br />$21,677,798 <br />$11,962,796 <br />$9,235,948 <br />$950,279' <br />Ending Balance <br />$37,192,839 <br />$25,736,346 <br />$17,996,580 <br />$19,376,178 <br />The LMIHAF does not have an Excess Surplus. (Refer to calculation below.) <br />HOUSING AUTHORITY OF THE CITY OF SANTA 2 4/15 Page 7 <br />