Title
a. Approve and authorize Amendment No. 2 to the Carmen Reynoso individual Inclusionary Housing Agreement to allow conveyance of her 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
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Approve and authorize Amendment No. 2 to the Carmen Reynoso individual Inclusionary
Housing Agreement to allow conveyance of her 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 HousingAgreement.
SUMMARY:
Inclusionary Housing Program homeowner, Carmen Reynoso, purchased her inclusionary unit in 1998 and executed a 30-year Inclusionary Housing Agreement (“Agreement”) with the County. Now, this inclusionary unit homeowner is requesting approval to transfer title of her Inclusionary Housing Unit into a revocable living trust as part of her estate planning. She owns the inclusionary unit in the Tankersley Subdivision, and her 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 the beneficiary is allowed, provided, however, that Owner shall provide written notice of such transfer to the County. However, this provision of the Inclusionary Housing Agreement requires Board approval. The Board has previously appr...
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