To: MAYOR AND CITY COUNCIL
From: ELIZABETH HAUSE, COMMUNITY SERVICES DIRECTOR
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APPROVE AND EXECUTE THE ESCROW INSTRUCTIONS LETTER AND THE AGREEMENT CONTAINING COVENANTS, RESTRICTIONS, AND OPTION TO PURCHASE FOR THE SALE OF THE AFFORDABLE HOUSING UNIT AT 2001 ARTESIA BOULEVARD, UNIT #301, REDONDO BEACH, CALIFORNIA 90278
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EXECUTIVE SUMMARY
On February 17, 2004, the City Council adopted Senior Housing Ordinance No. 2927-04, amending the zoning ordinance to establish standards for senior citizen housing. On March 2, 2004, the City Council approved the Montecito Senior Housing development, located at 2001 Artesia Boulevard, consisting of 60 residential condominium units. In compliance with Ordinance No. 2927-04, a condition of project approval required the developer to enter into an Affordable Housing Agreement with the City to provide and restrict by deed five (5) units as affordable for low- and moderate-income households for a minimum of fifty-five (55) years from the date of construction, in accordance with applicable state and local laws.
The current owner of moderate-income unit (#301) within the Montecito development is planning to sell the property. Pursuant to State and local requirements, this income-restricted unit must be sold to a qualified moderate-income household. To preserve affordability and ensure continued compliance with the City's inclusionary housing requirements, City Council approval is required for execution of the Escrow Instructions Letter, the Agreement Containing Covenants, Restrictions, and Option to Purchase, and related documents necessary for the sale and ongoing regulation of the affordable housing unit. The same materials have been presented to the City's Housing Authority for concurrent approval during its special meeting to be held on October 21, 2025. As part of the escrow process staff, working with the City's affordable housing consultant, would verify that the final transaction complies with a...
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