Title
a. Approve and authorize Amendment No. 2 to the Linda M. Agbayani 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 Inclusionary Housing Agreement
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Approve and authorize Amendment No. 2 to the Linda M. Agbayani 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 Inclusionary Housing Agreement
SUMMARY:
Inclusionary Housing Program homeowner, Linda M. Agbayani, an unmarried woman, purchased her inclusionary unit in 1998 and executed a 30-year Inclusionary Housing Agreement ("Agreement"). Linda M. Agbayani 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 Oak Tree Views Subdivision, and her unit is designated as a moderate-income unit. Under the terms of the recorded Owner's Inclusionary Housing 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 written approval by the Board of Supervisors ("Board"). The Board has previously approved requests by other inclusionary homeowners to transfer their inclusionary unit into a revocable living trust.
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 provi...
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