Item HA 03 - Housing Successor Annual Report: FY 2022-23

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HOUSING AUTHORITY OF THE CITY OF SANTA ANA – FY 2022/23 Page 8 X.SENIOR HOUSING TEST The Housing Successor is to calculate the percentage of units of deed-restricted rental housing restricted to seniors and assisted by the Housing Successor, the former redevelopment agency and/or the City within the previous 10 years in relation to the aggregate number of units of deed-restricted rental housing assisted by the Housing Successor, the former redevelopment agency and/or City within the same time period. If this percentage exceeds 50%, then the Housing Successor cannot expend future funds in the LMIHAF to assist additional senior housing units until the Housing Successor or City assists and construction has commenced on a number of restricted rental units that is equal to 50% of the total amount of deed-restricted rental units. The following provides the Housing Successor’s Senior Housing Test for the 10 year period of January 1, 2013 to December 31, 2022: Senior Housing Test 1/1/2013 – 12/31/2022 # of Assisted Senior Rental Units 0 # of Total Assisted Rental Units 541 Senior Housing Percentage 0% XI.EXCESS SURPLUS TEST Excess Surplus is defined in Section 34176.1(d) as an unencumbered amount in the account that exceeds the greater of one million dollars ($1,000,000) or the aggregate amount deposited into the account during the Housing Successor’s preceding four Fiscal Years, whichever is greater. The following provides the Excess Surplus test for the preceding four Fiscal Years: FY 2019/20 FY 2020/21 FY 2021/22 FY 2022/23 Beginning Balance $33,014,290 $29,197,585 $26,417,704 $27,246,424 Add: Deposits $1,371,881 $170,606 $1,246,112 $483,734 (Less) Expenditures $5,188,586 $2,950,487 $417,392 $108,227 Ending Balance $29,197,585 $26,417,704 $27,246,424 $27,621,931 EXHIBIT 1