Affordable Rentals: Five 88 Mission Bay

Posting Date

November 23, 2016

Type of Unit

Affordable Rentals

Development Name

Five 88

Address

588 Mission Bay Boulevard North, San Francisco, CA 94158

Number of Units

198

Number of Bedrooms

70 one bedroom and 128 two bedroom units

Neighborhood

Mission Bay

Square Footage

1 BR  473 – 588 sq. ft; 2 BR 739 – 914 sq. ft

Year Built

2017

Maximum Allowable Income Level of Households

1 BR 50%  (14 Units Available), 2 BR 50%  (26 Units Available)

 

50% of Maximum Income by Household Size derived from TCAC for HUD Metro Fair Market Rent Area (HMFA) that contains San Francisco 2016

A one person household can make no more than $43,050

A two person household can make no more than $49,200

A three person household can make no more than $55,350

A four person household can make no more than $61,500

A five person household can make no more than $66,450

 

1 BR 60%  (56 Units Available), 2 BR 60%  (102 Units Available)

 

60% of Maximum Income by Household Size derived from TCAC for HUD Metro Fair Market Rent Area (HMFA) that contains San Francisco 2016

A one person household can make no more than $51,660

A two person household can make no more than $59,040

A three person household can make no more than $66,420

A four person household can make no more than $73,800

A five person household can make no more than $79,740

 

Rent

 

 

 

2016 Maximum Monthly CTCAC Rent By Unit Type (without utilities)

 

50% of Unadjusted Area Median Income (AMI) for HUD Metro Fair Market Rent Area (HMFA) that contains San Francisco

1-Bedroom - $1,090

2-Bedroom - $1,299

 

60% of Unadjusted Area Median Income (AMI) for HUD Metro Fair Market Rent Area (HMFA) that contains San Francisco

1-Bedroom - $1,320

2-Bedroom - $1,576

Minimum Allowable Income Level of Households

 

50% AMI

One-bedroom unit(s) – Household income must equal at least $26,160 a year.

Two-bedroom unit(s) – Household income must equal at least $31,176 a year.

 

60% AMI

One-bedroom unit(s) – Household income must equal at least $31,680 a year.

Two-bedroom unit(s) – Household income must equal at least $37,824 a year.

Minimum Household Size

1 bedroom – 1

2 bedroom – 2

 

Maximum Household Size

1 bedroom – 3

2 bedroom – 5

Children under the age of six years do not count towards the maximum.

Building Selection Criteria -

 

In addition to qualifying under the rules of the Inclusionary Housing Program, applicants must qualify under the rules of the building.

 

Building Selection Criteria:

Ability to pay rent standard – Income must be 2 times monthly rent

 

Credit Standard –

 

  • An unsatisfactory credit history is one that reflects past or current bad debts, late payments or unpaid bills, liens, or judgments, all in excess of $2,000 (within the last 2 years). Upon request, if an applicant is rejected for poor credit history, the applicant will be given the name, address and telephone number of the credit reporting agency that provided the credit information, as required by the Fair Credit Reporting Act (“FCRA”), and will be encouraged to appeal the negative credit report.
  • No Bankruptcies in the past 12 months or pending
  • No outstanding collection on utilities. Any denials on this basis may be cured by the applicant by paying off the collection item with the utility company.
  • Dispossessory Warrants or Evictions (in past 2 years) (Applicants with “no-fault” evictions will be considered.)
  • No households where all household members are full-time students.
  • Foreclosures and foreclosure evictions will not be held against a household.
  • Medical and student loan debt will not be held against a household.

 

Rental History Standard – No previous evictions in the last 2 years (no-fault evictions will not be considered).  Documented lease violations may also be grounds for rejection.

 

Criminal History Standard –Applicants with a criminal history will be considered in compliance with Article 49 of the San Francisco Police Code (Fair Chance Ordinance).

 

Other – See link to Tenant Selection Plan for details:

http://www.Five88sf.com/gridmedia/img/pdf/Five88TenantSelectionPlan.pdf

 

Deposit Required for Move-in

 

 

1 BR   $500    2 BR  $750

Related Management plans to offer residents the option to pay a fully refundable deposit noted above or utilize the Sure Deposit Program (optional) that allows for a small non-refundable premium payment of $87.50 (1 BR) or $131.25 (2 BR) that will cover the deposit requirement set by the owner.

Parking

 

No charge for parking.  Site will only have 35 parking spaces for 200 units and parking will be offered to households in lottery rank order.  A waiting list for parking will be created based on the results of the lottery.

Which, if any, utilities are paid by the building?

 

Gas, Hot Water, Water, Sewer and Trash.

How are utilities paid by the renter?

Renter pays own utility bills directly to the utility company. Renter is responsible for heating electric, cooking electric and other electric.

Other fees and/or building rules

 

$50 Late Fee,  $25 Returned Check Fee

We have a no pet policy with the exception of approved service/companion animals. No large appliances, or waterbeds are permitted.

Contact Person

Kelly Yee-  Affordable Housing Specialist

Phone

(628) 400-5887

Email

Five88sf@related.com

Website

www.Five88sf.com

How to obtain an application

Click here for a Five 88 application in English: PDF iconFive 88 Mission Bay Application.pdf

Click here for a Five 88 application in Spanish: PDF iconFive 88 Application - Spanish.pdf

Click here for a Five 88 application in Cantonese: PDF iconFive 88 Application - Cantonese.pdf

Click here for a Five 88 application in Filipino: PDF iconFive 88 Application - Filipino.pdf

Applications may be also downloaded from the property website at http://www.Five88sf.com

 

Hard copies of the rental application may also be picked up at our temporary leasing office located at 649 Mission Street, Suite 201, San Francisco, Ca  94105.  Office Hours are Tuesday, Wednesday and Thursday from 10 a.m. – 5 p.m.   

Application deadline

Applications must be received by 5 p.m. on Wednesday, December 21, 2016.

 

Applications received after the deadline will not be accepted. Postmarks will not be accepted.

 

Address to which application should be mailed or delivered

Mail applications to:

Mission Bay Block 7 Housing Partners, L.P.

PO BOX  77207

San Francisco, Ca  94107-7207

 

Applications may also be picked up or dropped off at our temporary leasing office located at:

649 Mission Street, Suite 201

San Francisco, Ca  94105

Office Hours are Tuesday, Wednesday and Thursday from 10 a.m. – 5 p.m.   

 

Information Session

Tuesday, December 6, 2016 at 2:30 pm at the Koret Auditorium,  San Francisco Main Public Library, 100 Larkin Street, San Francisco, CA 94102

Lottery Results

 

Click here for Five 88 Lottery Results: Five 88 Mission Bay Lottery Results 7-10-2017.pdf

The Lottery will be held on Wednesday, January 11, 2017 at 10:00 am

At the Koret Auditorium, San Francisco Main Public Library, 100 Larkin Street, San Francisco, CA 94102

 

Applicants do not need to be present at the lottery.

Lottery Preferences

All individuals and households may enter the lottery for a unit.

 

However, those households in which one member holds a Certificate of Preference (COP) from the former San Francisco Redevelopment Agency will be given highest preference in the lottery ranking process. More information about the COP Program can be found here: http://sfmohcd.org/certificate-preference

 

Households that submit acceptable documentation that at least one member is either 1) an employee of a public higher education institution located in San Francisco or 2) an employee of a public healthcare institution located in San Francisco will be given second highest preference in the lottery ranking process, for up to 25% of the units in this project (50 units).

 

Households that submit acceptable documentation that at least one member lives or works in San Francisco will be given third highest preference in the lottery ranking process.

 

If the number of units available exceeds the number of qualified applicants in the above listed preference, the units will become available to other qualified applicants outside of San Francisco. Applicants in each preference category must meet eligibility requirements in order to complete the rental.