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a. Approve Amendment No. 2 to the Richard and Patricia Walton individual Inclusionary Housing Agreement to allow conveyance of their unit into a revocable trust;
b. Approve Amendment No. 2 to the Rowaine W. Kram individual Inclusionary Housing Agreement to allow conveyance of her unit into a Revocable Living Trust;
c. Approve Amendment No. 2 to the Guy and Linda Agrati individual Inclusionary Housing Agreement to allow conveyance of their unit into a revocable living trust; and
d. Authorize the Interim Assistant County Administrative Officer to execute the Approved Agreements.
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RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Approve Amendment No. 2 to the Richard and Patricia Walton individual Inclusionary Housing Agreement to allow conveyance of their unit into a revocable trust;
b. Approve Amendment No. 2 to the Rowaine W. Kram individual Inclusionary Housing Agreement to allow conveyance of her unit into a Revocable Living Trust;
c. Approve Amendment No. 2 to the Guy and Linda Agrati individual Inclusionary Housing Agreement to allow conveyance of their unit into a revocable living trust; and
d. Authorize the Interim Assistant County Administrative Officer to execute the Approved Agreements.
SUMMARY:
Three Inclusionary Housing homeowners have requested approval to transfer title of their Inclusionary Housing Units into revocable living trusts as part of their estate planning. All three own homes in the Oak Tree Views Inclusionary Housing Subdivision of Monterra Ranch Properties that are designated as 120% moderate-income units. Under the terms of the recorded Inclusionary Housing Agreement with the County (“Agreement”), the only permitted transfers of title are between owner-spouses and to eligible purchasers (i.e., new income qualified owner-occupants). 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 fo...
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