Title
a. Approve and authorize Amendment No. 2 to James W. Washington, Jr. and Lisa M. Villafranca 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 Inclusionary Housing Agreement.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Approve and authorize Amendment No. 2 to James W. Washington, Jr. and Lisa M. Villafranca 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 Inclusionary Housing Agreement
SUMMARY:
Inclusionary Housing Program homeowner, Lisa M. Villafranca, purchased her inclusionary unit as an unmarried woman in early 1998, and executed a 30-year Inclusionary Housing Agreement ("Agreement"). She married James in 2001 and added him to title in 2002. Then, Lisa added James to the Agreement in 2016 via the enclosed Memorandum and Reaffirmation of Inclusionary Housing Agreement document. Now, James W. Washington, Jr. and Lisa M. Villafranca are 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 Oak Tree Views 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 ...
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