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EXHIBIT 1 <br />The LMIHAF does not have an Excess Surplus. (Refer to calculation below.) <br />Fund Balance — June 30, 2023 <br />Less Unavailable Amounts: <br />Loans and notes <br />Land held for resale <br />Restricted cash and investments with fiscal agent <br />Liabilities —Accounts payables & deposits <br />Deferred inflows of revenues <br />Project Commitments and Monitoring <br />Available Low Income Housing Funds <br />Limitation (Greater of $1,000,000 or Four Years Deposits): <br />Aggregate amounts deposited for preceding four fiscal years <br />2020 — <br />2021 <br />170,606 <br />2021 — <br />2022 <br />1,246,112 <br />2022 —2023 <br />483,734 <br />2023 —2024 <br />317,160 <br />Total deposits for the preceding four fiscal years 2,217,612 <br />Base limitation <br />Greater Amount <br />Computed Excess Surplus — June 30, 2024 <br />1,000,000 <br />XII. INVENTORY OF HOMEOWNERSHIP UNITS <br />$26,737,288 <br />(22,592,121) <br />(75,000) <br />(112,893) <br />(2,882) <br />(4,829) <br />(735,964) <br />3,213,599 <br />2,217,612 <br />995,987 <br />(A) As of June 30, 2024, there was a total of 54 homeownership units and 912 rental <br />units subject to covenants or restrictions. Of this total, all 966 units had <br />affordability restrictions. <br />(B) During FY 2023-24, three (3) single family units were lost to the portfolio as the <br />borrowers paid off the loans earlier than the original maturity date but two single <br />family homes were added as a result of the sale of the two Habitat for Humanity <br />homes. <br />HOUSING AUTHORITY OF THE CITY OF SANTA ANA — FY 2023/24 Page 9 <br />