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for placing the basic financial statements in an appropriate operational, economic, or historical context. <br />We have applied certain limited procedures to the required supplementary information in accordance with <br />auditing standards generally accepted in the United States of America, which consisted of inquiries of <br />management about the methods of preparing the information and comparing the information for <br />consistency with management's responses to our inquiries, the basic financial statements, and other <br />knowledge we obtained during our audit of the basic financial statements. We do not express an opinion <br />or provide any assurance on the information because the limited procedures do not provide us with <br />sufficient evidence to express an opinion or provide any assurance. <br />Our audit was conducted for the purpose of forming opinions on the financial statements that collectively <br />comprise the Agency's basic financial statements. The accompanying computation of low income <br />housing fund — excess surplus (Computation) is presented for purposes of additional analysis and is not <br />required to be part of the basic financial statements. The Computation has been subjected to the auditing <br />procedures applied in the audit of the basic financial statements and, is the responsibility of management <br />and was derived from and relate directly to the underlying accounting and other records used to prepare <br />the financial statements and certain additional procedures, including comparing and reconciling such <br />information directly to the underlying accounting and other records used to prepare the financial <br />statements or to the financial statements themselves, and other additional procedures in accordance with <br />auditing standards generally accepted in the United States of America. In our opinion, the Computation is <br />fairly stated, in all material respects, in relation to the financial statements as a whole. <br />We also have previously audited, in accordance with auditing standards generally accepted in the United <br />States, the Agency's financial statements as of and for the years ended June 30, 2008, 2009 and 2010, <br />which are not presented with the accompanying financial statements. In our reports dated December 4, <br />2008, December 2, 2009, and November 30, 2010, we expressed unqualified opinions on the financial <br />statements of the governmental activities and each major fund of the Agency for the years ended June 30, <br />20081 2009 and 2010, respectively. Those audits were conducted for the purpose of forming opinions on <br />the financial statements that collectively comprise the Agency's financial statements as a whole. We did <br />not audit the financial statements of the Agency for the year ended June 30, 2007. Those financial <br />statements were audited by other auditors whose reports thereon have been furnished to us, and our <br />opinion, insofar as it relates to the amounts included for those financial statements, is based on the report <br />of the other auditor. The accompanying schedule of excess surplus determination information related to <br />the years ended June 30, 2007, 2008, 2009, and 2010 financial statements is presented for purposes of <br />additional analysis and is not a required part of the financial statements. Such information is the <br />responsibility of management and was derived from and relates directly to the underlying accounting and <br />other records used to prepare the years ended June 30, 2007, 2008, 2009, and 2010 financial statements. <br />The information has been subjected to the auditing procedures applied by us and other auditors in the <br />audit of those financial statements and certain additional procedures, including comparing and reconciling <br />such information directly to the underlying accounting and other records used to prepare the financial <br />statements or to the financial statements themselves, and other additional procedures in accordance with <br />auditing standards generally accepted in the United States of America. In our opinion, based on our audit <br />and the report of other auditors, the schedule of excess surplus determination information for the years <br />ended June 30, 20071 20081 2009, and 2010, is fairly stated in all material respects in relation to the <br />financial statements from which they have been derived. <br />Newport Beach, California <br />November 29, 2011 <br />2 <br />