Title
a. Approve and authorize Amendment No. 2 to the Ann A. Stoutenborough Inclusionary Housing Agreement to allow conveyance of their inclusionary unit into a revocable living 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 Ann A. Stoutenborough Inclusionary Housing Agreement to allow conveyance of their inclusionary unit into a revocable living 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, Ann A. Stoutenborough, purchased this inclusionary unit in 2001 with her husband, Edwin Stoutenborough, and only Edwin executed the 30-year Inclusionary Housing Agreement (“Agreement”) with the County that recorded on March 20, 2001. On June 25, 2010, a Memorandum and Reaffirmation of Inclusionary Housing Agreement was recorded on the inclusionary unit to include both owners. Also on the same date, an Amendment No. 1 to Inclusionary Housing Agreement was recorded on the inclusionary unit updating the permitted encumbrances to the inclusionary unit.
Now, Ann A. Stoutenborough has submitted all of the required documents, and she is requesting approval to transfer title of their Inclusionary Housing Unit into a revocable living trust as part of her estate planning. Ann A. Stoutenborough owns the inclusionary unit in the Pasadera Subdivision, and her unit is designated as a moderate-income unit. Under the terms of the recorded Owner’s 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 o...
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