Title
a. Approve Amendment No. 2 to the Dale and Carolyn DePalatis individual Inclusionary Housing Agreement to allow conveyance of their unit into a revocable trust; and
b. Authorize the Economic Development Department Director to execute the approved Amendment No. 2 to Inclusionary Housing Agreement.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Approve Amendment No. 2 to the Dale and Carolyn DePalatis individual Inclusionary Housing Agreement to allow conveyance of their unit into a revocable trust; and
b. Authorize the Economic Development Department Director to execute the approved
Amendment No. 2 to Inclusionary Housing Agreement.
SUMMARY:
Inclusionary Housing home owners Dale and Carolyn DePalatis have requested approval to transfer title of their Inclusionary Housing Unit into a revocable living trust as part of their estate planning. They own the home 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 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. While the current Inclusionary Housing Program does allow for transfers into revocable trusts on certain conditions, application of this provision to pre-existing Inclusionary Housing Agreements 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 after July 12, 2011, are allowed to transfer their homes into trusts under Section 3.E. TITLE CHANGES AND PROPERTY INHERITANCE of the Inclusionary Housin...
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