Title
a. Approve Amendment No. 2 to the Jacqueline A. Hamilton (formerly Jacqueline A. Petro) individual Inclusionary Housing Agreement to allow conveyance of her unit into a revocable trust; and
b. Authorize the Housing Program Manager 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 Jacqueline A. Hamilton (formerly Jacqueline A. Petro) individual Inclusionary Housing Agreement to allow conveyance of their unit into a revocable trust; and
b. Authorize the Housing Program Manager to execute the approved Amendment No. 2 to Inclusionary Housing Agreement.
SUMMARY:
Inclusionary Housing home owner Jacqueline A. Hamilton has requested approval to transfer title of her Inclusionary Housing Unit into a revocable living trust as part of her estate planning. She owns the home in the Oak Tree Views Inclusionary Housing Subdivision of Monterra Ranch Properties that are designated as 120% moderate-income units. Ms. Jacqueline A. Hamilton purchased the unit as Jacqueline Preto, an unmarried woman. Her husband, Randall M. Hamilton, will be added as an additional owner herein concurrently by executing a Memorandum and Reaffirmation of Inclusionary Housing Agreement.
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 i...
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