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a. Approve and authorize Amendment No. 2 to the Jim Cunanan and Julie A. Villafranca-Cunanan 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.
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RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Approve and authorize Amendment No. 2 to the Jim Cunanan and Julie A. Villafranca-Cunanan 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 homeowners, Jim Cunanan and Julie A. Villafranca-Cunanan, purchased this inclusionary unit in 2001, and executed a 30-year Inclusionary Housing Agreement (“Agreement”) with the County that recorded on March 9, 2001.
These inclusionary unit homeowners have submitted all the required documents, and they are requesting approval to transfer title of their Inclusionary Housing Unit into a revocable living trust as part of their estate planning. Jim Cunanan and Julie A. Villafranca-Cunanan 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 current Inclusionary Housing Program does allow transfers of title by Owner into an inter vivos trust in which Owner is t...
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