Title
a. Approve and authorize Amendment No. 2 to the Alma Sandra Castro Peet individual Inclusionary Housing Agreement to allow conveyance of her 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.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Approve and authorize Amendment No. 2 to Alma Sandra Castro Peet individual Inclusionary Housing Agreement to allow conveyance of her 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:
Inclusionary Housing Program homeowners, Ronald C. Peet and Sandra Castro-Peet, husband and wife, purchased their inclusionary unit in 1998 and executed a 30-year Inclusionary Housing Agreement. On December 17, 2018, Ronald C. Peet passed away. On February 1, 2019, Alma Sandra Castro Peet (aka Sandra Castro Peet) recorded an Affidavit-Death of Joint Tenant, Document No. 2019004140.
Inclusionary Housing Program homeowner Alma Sandra Castro Peet 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 home in the Oak Tree Views Inclusionary Housing Subdivision of Monterra Ranch Properties that are designated as moderate-income units. Under the terms of the recorded Owners' Inclusionary Housing Agreement with the County ("Agreement"), 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.
The current Inclusionary Housing Program does allow for transfers into revocable trusts on certain...
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