Title
a. Approve and authorize Amendment No. 2 to the Joseph J. Quercio III and Staci Lee Ann Quercio 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.
Body
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Approve and authorize Amendment No. 2 to the Joseph J. Quercio III and Staci Lee Ann
Quercio 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.
SUMMARY:
Inclusionary Housing Program homeowner, Joseph J. Quercio III, purchased this inclusionary unit in 1998 with his first wife, and executed a 30-year Inclusionary Housing Agreement (“Agreement”) with the County. He divorced his wife, and then remarried to Staci Lee Ann Quercio. They indicated in their 2024 monitoring response that they had transferred their inclusionary unit into a Trust without the County’s approval. Our office informed the owners that their transfer was unauthorized by the County.
Now, these inclusionary unit homeowners are requesting approval to transfer title of their Inclusionary Housing Unit into a revocable living trust as part of their estate planning. They own the inclusionary unit in the Oak Tree Views Subdivision, and their unit is designated as a moderate-income unit. Under the terms of the recorded Owners’ Agreement with the County, transfers of title between owner-spouses and to eligible purchasers (i.e., new income qualified owner-occupants) are the only permitted transfers of title. Per the terms of the Agreement, any other transfer of property title, including into a trust, is not allowed wi...
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