Title
a. Approve Amendment No. 2 to the Gabriella M. Perez (formerly Gabriele Gerardi)
individual Inclusionary Housing Agreement to allow conveyance of her unit into
a revocable trust; and
b. Authorize the Housing Program Manager to execute the approved Amendment
No. 2 to Inclusionary Housing Agreement.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Approve Amendment No. 2 to the Gabriella M. Perez (formerly Gabriele Gerardi)
individual Inclusionary Housing Agreement to allow conveyance of her unit into
a revocable trust; and
b. Authorize the Housing Program Manager to execute the approved Amendment
No. 2 to Inclusionary Housing Agreement.
SUMMARY:
Inclusionary Housing homeowner Gabriella M. Perez has requested approval to transfer title of her Inclusionary Housing Unit into a revocable living trust as part of her estate planning. She owns a home in the Las Palmas Ranch, Phase II Inclusionary Housing Subdivision that is designated as a 120% moderate-income unit. Ms. Gabriella M. Perez purchased the unit as Gabriele Gerardi, an unmarried woman. On September 25, 1997, she married Fausto Perez and changed her name to Gabriella Maria Perez. She now holds title as Gabriella M. Perez, a married woman, as her sole and separate property.
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. While the current Inclusionary Housing Program does allow for transfers into revocable trusts on certain conditions, application of this provision to pre-existing Inclusionary Housing Agreements requires Board approval. The Board has previously approved requests by other Inclusionary homeowners to transfer their inclu...
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