Title
a. Approve and authorize Amendment No. 2 to the Fernando Orozco individual Inclusionary Housing Agreement to allow conveyance of his 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 the Fernando Orozco individual Inclusionary Housing Agreement to allow conveyance of his 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, Fernando Orozco, purchased his inclusionary unit in 1997 and executed a 30-year Inclusionary Housing Agreement. Fernando Orozco has requested approval to transfer title of his Inclusionary Housing Unit into a revocable living trust as part of his estate planning. He owns the inclusionary unit in the Chapin Village Subdivision, and his unit is designated as a low-income inclusionary unit. 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.
The current Inclusionary Housing Program does allow for transfers into revocable trusts on certain conditions. However, this provision of the Inclusionary Housing Agreement requires Board approval. The Board has previously approved requests by other Inclusionary homeowners to transfer their inclusionary unit into a revocable living trust.
DISCUSSION:
Owners of Inclusionary units who purchased their home aft...
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