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HOUSING AUTHORITY OF THE CITY OF SANTA ANA – FY 2014/15 Page 7 <br /> <br />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 /> <br />Senior Housing Test 1/1/2005 – 1/1/2015 <br /># of Assisted Senior Rental Units 0 <br /># of Total Assisted Rental Units 565 <br />Senior Housing Percentage 0% <br /> <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 /> <br /> FY 2011/12 FY 2012/13 FY 2013/14 FY 2014/15 <br />Beginning Balance $0 $37,192,839 $25,736,346 $17,996,580 <br />Add: Deposits $58,870,637 $506,303 $1,496,182 $2,329,877 <br />(Less) Expenditures $21,677,798 $11,962,796 $9,235,948 $950,279 <br />Ending Balance $37,192,839 $25,736,346 $17,996,580 $19,376,178 <br /> <br />The LMIHAF does not have an Excess Surplus. (Refer to calculation below.) <br /> <br /> <br />6-9