370 Monterey Blvd. #101, San Francisco CA 94131

Posting Date

7/26/2016, updated on 8/29/2016

Program

Below Market Rate Inclusionary Housing Program

(Click here for program information)

Type of Unit

Condominium Unit

Unit Address (including city/state/zip code)

370 Monterey Blvd., #101

San Francisco, CA 94131

Selling Price

$345,748

Neighborhood and Map

Sunnyside District (Map it!)

Number of Bedrooms

1

Number of Bathrooms

1

Square Footage

807

Year Built

1978

Appliances Included in the Sale of the Unit  

Refrigerator, Oven/Range

Building Amenities

On site laundry facilities (coin-op)

Parking

1 deeded space

Monthly Homeowner Dues

$350.00

What the HOA Dues Cover

Water/Sewer (both for unit and common area), garbage (both for unit and common area), building insurance (does not include unit contents), building maintenance, building security system

Income Level of Applicants

Applicants must make no more than the following amounts per household:

 

120% of Unadjusted Area Median Income (AMI) for HUD Metro Fair Market Rent Area (HMFA) that contains San Francisco 2016

 

Household Size

Maximum Income at 120% of AMI

1

$90,500

2

$103,400

3

$116,350

4

$129,250

5

$139,550

6

$149,950

7

$160,250

(Households must be at least as many people as bedrooms in the unit. Please visit www.sfmohcd.org for larger households.)

Other Qualification Notes

Applicants must secure a loan preapproval and a final loan through a MOHCD Participating Lender who have an “X” marked under BMR.

 

All titleholders/borrowers must complete a first-time homebuyer workshop through one of the City’s 5 approved first-time homebuyer counseling agencies in order to apply. Please visit http://homeownershipsf.org/workshops for a schedule of upcoming classes. 

 

Verification of Homebuyer Education Completion or Certificate of Homebuyer Education from a MOHCD approved first-time homebuyer workshop is required.  Certificate of Homebuyer Education issued before May 1, 2015 is valid for 2 years from the date of issuance. Verification of Homebuyer Education Completion is valid for 1 year from the date of issuance. In the case of buyers receiving down payment assistance from the City, certificates must not be older than 6 months from the time of closing on the unit.

A copy of the mortgage loan pre-approval and homebuyer counseling certificate for every adult household member on loan and title to the BMR unit must be included with the BMR application.

 

Applicants are encouraged to apply for downpayment assistance through the following programs.

 

  • BMR Downpayment Assistance Loan Program (BMR DALP): A deferred down payment assistance loan available to qualified households for up to $57,000 (or maximum of 15% of the purchase price, whichever is less) towards the purchase of a BMR unit.

 

 

 

  • Mortgage Credit Certificate (MCC) Program (can be combined with BMR-DALP for households earning 81% or above of AMI). There is a $675 application fee if applying for MCC.

 

  • Federal Home Loan Bank’s WISH program provides up to $15K in matching funds for down payment assistance.  Please ask your mortgage lender.

 

All MOHCD Participating Lenders should explore these options with BMR buyers.

Households must be as many people (or more) as number of bedrooms in the unit to apply.

See other qualification rules in the City and County of San Francisco Inclusionary Affordable Housing Program Monitoring and Procedures Manual 2013.

Contact Person (Realtor/Sales Agent)

Romeo Aurelio

CalBRE# 01450133

Century 21 Realty Alliance

Phone

415-602-1921

Email

Romeo.aurelio@century21.com

Website

http://www.romeoaurelio.com

How to Obtain an Application

Contact realtor or download from MOHCD website by clicking here.

 

Application deadline

__8/16/2016____, 5pm

Note: Applications must be received in the sales office by 5pm on the day of the application deadline.

Sale Office Hours: 9:00am – 5:00pmm

Address to which application should be mailed or delivered

Office: Century 21 Realty Alliance

Realtor Name: Romeo Aurelio

Address: 1569 Sloat Blvd., Suite 300

City/State/Zip Code: San Francisco, CA  94132

Attn: BMR Unit(s) – Romeo Aurelio

 

For Delivery, Office Hours are: 9:00am – 5:00pm

Lottery Results, Date, Time and Location

Assigned Ticket # LOTTERY RANK 
241790 1
241789 2
241788 3
241792 4
241775 5
241791 6
241794 7
241781 8
241785 9
241784 10

*Although 20 applications were received, only 10 tickets were pulled

Date: 8/29/2016

Time: 3:00pm

Location:

Mayor’s Office of Housing and Community Development

1 South Van Ness Avenue, 5th Floor

SF, CA 94103

Open Houses

Thursday, July 28, 2016 – 5:00-7:00pm

Sunday , July 31, 2016 – 2:00-4:00pm

Tuesday, August 1, 2016 – 2:00-3:30pm

Sunday, August 7, 2016 – 2:00-4:00pm

Sunday, August 14, 2016 – 2:00-4:00pm

Special Note(s)

View this unit on the public Multiple Listing Service and on Craig’s List.

Procedures Manual

All potential buyers must review the Inclusionary Housing Procedures Manual that governs this property. 

Re-pricing Mechanism

A BMR unit will be resold at a restricted price to a household that meets the first‐time homebuyer and income qualifications for the program.  Upon resale, the unit will be repriced based on the change in median income over time. Please review Guidelines for Re-pricing BMR Units for specific information.