To: MAYOR AND CITY COUNCIL
From: ELIZABETH HAUSE, COMMUNITY SERVICES DIRECTOR
TITLE
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APPROVE A SUBSTITUTION OF TRUSTEE AND FULL RECONVEYANCE FOR THE AFFORDABLE HOUSING PROPERTY AT 2001 ARTESIA BOULEVARD, UNIT #301, REDONDO BEACH, CALIFORNIA 90278
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EXECUTIVE SUMMARY
On October 21, 2025, the City Council approved documents necessary for the sale, and ongoing regulation, of the senior Affordable Housing unit at 2001 Artesia Boulevard, Unit #301 to preserve affordability and ensure continued compliance with the City's inclusionary housing requirements. The unit closed escrow on October 27, 2025. City Council approval is now needed to authorize the Mayor to execute a Substitution of Trustee and Full Reconveyance of the property to release and clear the lien from title and to complete the transaction. It should be noted that the document is also included with the Housing Authority's December 2, 2025 meeting agenda to allow for consideration of concurrent approval.
BACKGROUND
The City Council adopted Ordinance No. 2927-04 on February 17, 2004, amending the zoning ordinance to establish standards for housing for senior citizens. The Ordinance includes an inclusionary housing requirement that ten percent (10%) of the senior housing units be affordable to low and moderate-income households in proportion to the housing needs identified in the City's Housing Element. These units must remain affordable for a period of not less than 55 years from the effective date of the Affordable Housing Agreement, which is February 20, 2008.
Pursuant to State and local requirements, the income-restricted unit at 2001 Artesia Boulevard, Unit #301, was to be sold only to a qualified moderate-income household. Moderate-income levels are based on a County-wide formula with limits determined by household size in relation to the County's median income.
The owner of unit #301 requested approval to sell the property and identified a qualified moderate-income buyer. ...
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