Title
a. Approve and authorize Amendment No. 2 to the Steven M. Mudd and Caroline R. Jones-Mudd 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
It is recommended that the Board of Supervisors:
a. Approve and authorize Amendment No. 2 to the Steven M. Mudd and Caroline R. Jones-Mudd 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 homeowners, Steven M. Mudd and Caroline R. Jones-Mudd, purchased their inclusionary unit in 2001 and executed a 30-year Inclusionary Housing Agreement (“Agreement”) with the County. The homeowners are now 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 Pasadera 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 without Board of Supervisors (“Board”) approval. The Board has previously approved requests by other inclusionary homeowners to transfer their inclusionary unit into a revocable living trust and the property owner is requesting Board approval of the transfer in this case.
DISCUSSION:
Owners of inclusionary units who purchased their home a...
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