Title
a. Approve and authorize Amendment No. 2 to the Karen J. Smithson 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 the Karen J. Smithson 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 homeowner, Karen J. Smithson, purchased her inclusionary unit in 2000 and executed a 30-year Inclusionary Housing Agreement. Karen J. Smithson 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 Subdivision, Phase II, and her unit is designated as moderate-income. 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 conditions. However, this provision of the Inclusionary Housing Agreement requires Board approval. The Board has previously approved requests by other Inclusionary homeowners to transfer their inclusionary unit into a revocable living trust.
DISCUSSION:
Owners of Inclusionary units who purchased their ho...
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