Title
a. Approve and authorize Amendment No. 2 to the Jeannette Warzycki individual Buyer's Occupancy and Resale Restriction Agreement with Option to Purchase 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 Buyer's Occupancy and Resale Restriction Agreement with Option to Purchase.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Approve and authorize Amendment No. 2 to Jeannette Warzycki individual Buyer's Occupancy and Resale Restriction Agreement with Option to Purchase 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 Buyer's Occupancy and Resale Restriction Agreement with Option to Purchase.
SUMMARY:
Jeannette Warzycki owns an Inclusionary 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. Ms. Warzycki purchased her inclusionary unit in 2010 and executed a Buyer's Occupancy and Resale Restriction Agreement with Option to Purchase in perpetuity. Ms. Warzycki has requested approval to transfer title of her Inclusionary Housing Unit into a revocable living trust as part of her estate planning. She owns the inclusionary unit in the Las Palmas Ranch Inclusionary Housing Subdivision that are designated as moderate-income units. Under the terms of the recorded Owners' Buyer's Occupancy and Resale Restriction Agreement with Option to Purchase with the County ("Agreement"), transfers of title by Owner into an inter vivos trust in which Owner is the beneficiary is allowed, provided, however, that Owner shall provide written notice of ...
Click here for full text