Title
a. Approve and authorize Amendment No. 2 to the Donald D. Young and Michele Melicia Young individual Inclusionary Housing Agreement to allow conveyance of their inclusionary unit into a revocable trust; and
b. Approve and authorize the Housing and Community Development Director, or his designee, to execute the approved Amendment No. 2 to the Inclusionary Housing Agreement.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Approve and authorize Amendment No. 2 to Donald D. Young and Michele Melicia Young individual Inclusionary Housing Agreement to allow conveyance of their inclusionary unit into a revocable trust; and
b. Approve and authorize the Housing and Community Development Director, or his designee, to execute the approved Amendment No. 2 to Inclusionary Housing Agreement.
SUMMARY:
Donald D. Young and Michele Melicia Young own a home in the Las Palmas Ranch, Phase II Subdivision that is designated as a moderate-income unit. Moderate-income units are affordable to households earning no more than 120% of area median income, adjusted for the number of people in the household.
Inclusionary Housing Program homeowner, Donald D. Young, purchased his inclusionary unit as an unmarried man in early 2000, and executed a 30-year Inclusionary Housing Agreement. He married Michele in 2001 and added her to title in 2002. Then, he added Michele to the Inclusionary Housing Agreement in 2016 via a Memorandum and Reaffirmation of Inclusionary Housing Agreement document. In 2019, their estate planning attorney transferred the property into a revocable trust, but when the owners refinanced in 2020, the inclusionary unit was taken out of the trust. On October 18, 2021, their estate attorney transferred their property back into the revocable trust via the Grant Deed to ta Revocable Trust, Document No. 2021071102. On August 24, 2023, our office sent the owners a letter informing them that their transfer was unauthorized by the County. Their attor...
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