BMR LEP Ownership: 1450 Franklin Street

Posting date

 

August 21, 2017

Program

Limited Equity Homeownership Program

 

Type of unit

Condo

Name of building

1450 Franklin

 

Special note: This project was initially approved by the Office of Community Investment and Infrastructure (OCII) and transferred to the Mayor’s Office of Housing and Community Development for oversight.

Unit address (including city/state/zip code)

1450 Franklin Street, San Francisco, CA 94109

 

Unit Numbers

9 BMR Units:

1004, 403, 507, 603, 907, 506, 601, 705, 806

Neighborhood name

 Pacific Heights

Number of bedrooms

Unit 1004: studio

Units 403, 507, 603, 907: 1-bedroom

Units: 506, 601, 705, 806 2-bedroom

Number of bathrooms

Units 1004, 403, 507, 603, 907: 1-bathroom

Units: 506, 601, 705, 806: 2-bathrooms

Square footage

Studio: 699

1-bedrooms range from: 691-743

2-bedrooms range from:1273-1326

 

Year built

2017

Neighborhood name

Pacific Heights

Supervisorial district

Two

Sales price

Units 1004, 403, 603: $249,291

Units 507, 907: $245,450

Units 506, 601, 806: $308,553

Unit 705: $303,765

 

Monthly Homeowner Association (HOA) dues

Dues vary from $660.66 to $960.90 monthly not including Parking HOA, which is $30.85, as listed below.

Units 1004, 403, 603: $691.51

Units 507, 907: $712.80

Units 506, 601, 806: $965.32

Unit 705: $991.75

 

Parking

One parking space is included in the sale price of each unit. The parking space will be resold with the unit within the maximum resale price.

 

Area median income for pricing unit

95% of Area Median Income (AMI)

 Area median income  for qualifying for unit

100% of Area Median Income (AMI)

Maximum qualifying income level of applicant households

Maximum household income must not exceed the following amounts by household size:

 

100% of Maximum Income by Household Size derived from the Unadjusted Area Median Income (AMI) for HUD Metro Fair Market Rent Area (HMFA) that contains San Francisco 2017

Household Size

Maximum Income at 100% of AMI

1

$80,700

2

$92,250

3

$103,750

4

$115,300

5

$124,500

6

$133,750

7

$142,950

 

Appliances

Refrigerator: FRIGIDAIRE 18” CUBIC TOP FREEZER FFHI1831QS

Washer/Dryer: n/a

Stove/Range: FRIGIDAIRE 30” GAS RANGE SS FFGF3053LS

Microwave: FRIGIDAIRE 30" OVER THE RANGE MICRO HOOD FFMV164LS

Dishwasher: FRIGIDAIRE 24” DISHWASHER FFBD2411NS

Garbage Disposal: InSinkErator (Model: Badger 5)

Amenities

Attended lobby, rooftop deck, bike storage, secured parking

What the HOA dues cover

Lobby Attendant, Building Insurance, Common Area Maintenance/Utilities, Gas, Water, Reserves

Covenants, Conditions & Restrictions (“CC&R’s”) for the building

To review the Covenants, Conditions & Restrictions for this building, please click here.

Date on which BMR unit(s) can be occupied by owner

December 2017

Lottery Preferences

In accordance with the Developer’s Marketing and Operating Obligations, the following lottery priorities will apply to this Redevelopment Project:

  1. Western Addition Certificate of Preference Holders. More information about the COP Program can be found here: http://sfmohcd.org/certificate-preference.
  2. Hunter’s Point Certificate of Preference Holders. More information about the COP Program can be found here: http://sfmohcd.org/certificate-preference.
  3. * Ellis Act Housing Preference Holders
  4.  Applicants who live or work in San Francisco. (At least one household member 18 years or older lives or works in San Francisco.)
  5. Members of the general public.

 

Applicants in each preference category must meet program requirements in order to complete the sale.

 

For more information about the lottery process and housing preferences, please refer to the MOHCD Housing Preferences and Lottery Procedures Manual.

 

*If approved by the OCII Commission prior to the lottery date, this preference will be expanded to the Displaced Tenant Housing Preference (DTHP) program (which includes owner move-in evictions and tenants displaced by fire) for up to 20% of the units. More information about the DTHP Program can be found here: http://sfmohcd.org/displaced-tenant-housing-preference-program-0.

 

Other qualification notes

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. Please speak with your approved lender about their ability to lend using these programs.

 

  • BMR Down Payment Assistance Program (BMR DALP): A deferred down payment assistance loan available to qualified households for up to 15% of the purchase price.
  • Teacher Next Door Program (TND): A program for active educators serving the SFUSD.
  • Mortgage Credit Certificate (MCC) Program (cannot be used with BMR DALP): A mortgage credit to assist first-time homebuyers. There is an application fee if applying for MCC.
  • San Francisco Federal Home Loan Bank’s WISH program: Provides up to $15K in matching funds for down payment assistance grant

 

All MOHCD Approved BMR 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.

 

This project was formerly managed under the San Francisco Redevelopment Agency Limited Equity (LEP) Program and subject to the following asset test: Qualified retirement accounts (such as IRA, 401K, 403B) will not be counted toward an applicant’s income unless a portion is being used toward the down payment. The first $15,000 of household assets is excused; 10% of all assets between $15,001 and $100,000 will be added to the total household income; and 35% of assets above $100,001 will be added to the total household income.  

 

See other qualification rules in Limited Equity Program Loan Disclosure Information.

Contact person (realtor/sales agent)

All BMR Application and qualification questions should be directed to one of the five housing counseling agencies listed here: http://homeownershipsf.org/workshops

 

General inquires can be directed to HomeownershipSF at info@homeownershipsf.org or (415) 202-5464.

 

For questions regarding the building, please contact: Jina Kang at jina@1450franklinsf.com or 415.931.1450.

Phone

415.931.1450

Email

info@1450franklinsf.com

Website

www.1450franklinsf.com

How to obtain an application

Your first step to participate in the lottery is to schedule and attend a first-time homebuyer workshop and one-on-one counselling session. Please click here to view upcoming workshops: http://homeownershipsf.org/workshops

 

The second step is to obtain a loan pre-approval from a MOHCD BMR Participating Lender named here - http://sfmohcd.org/mochd-authorized-lender-list

 

The third step is to schedule an Application Review Appointment at the counseling agency where you completed your Homebuyer Education to review your application and documentation with your counselor, and submit your application.

Applications can be downloaded from www.homeownershipsf.org, or from the MOHCD website by clicking here.

 

If you need application assistance or information about available housing resources, please refer to the organizations listed in the SF Housing Resource Guide by clicking here.

Application deadline

October 5, 2017, 5pm

 

Note: Complete applications must be received at one of the counselling agencies listed above - by 5pm on the day of the application deadline. Applications received after the deadline will not be accepted.

All applications for this project must be certified and submitted through a housing counseling agency, otherwise your application may be deemed ineligible for the lottery.

Address to which application should be delivered

Complete BMR lottery applications can only be submitted by attending an Application Review Appointment at the counseling agency where you completed your Homebuyer Education. Please contact your housing counseling agency as soon as possible to ensure your application is complete and submitted prior to the designated deadline. The five housing counseling agencies are listed below:

Asian Inc. - http://www.asianinc.org/

Main Office

1167 Mission St, San Francisco, CA 94103

(415) 928-5910

 

Balance (formerly CCCSSF) - www.balancepro.org

595 Market 15th Floor, San Francisco, CA 94105

(415) 788-0288 x483

 

MEDA -  http://medasf.org/

2301 Mission #310, San Francisco CA 94110

(415) 282-3334 x101

 

SFHDC - http://sfhdc.org

4439 Third Street, San Francisco, CA 94124

415-822-1022

 

SFLGBT - http://www.sfcenter.org

1800 Market St., San Francisco, CA 94102

415-865-5655

Should you have difficulty signing up for an Application Review Appointment, please contact HomeownershipSF at info@homeownershipsf.org or (415)202-5464.

Lottery date, time and location

 

Date: October 25, 2017

Time: 11AM

Location: Mayor’s Office of Housing and Community Development

Room 5080

1 South Van Ness Avenue, 5th Floor

San Francisco, CA 94103

 

Open houses

Sunday, August 27, 10-11AM

Wednesday, August 30, 5-6:30PM

Saturday, September 9, 10-11AM

Monday, September 11, 5-6:30PM

 

Information session(s)

 

Thursday, September 7, 4pm

Mayor’s Office of Housing and Community Development

1 South Van Ness Avenue, 5th Floor, San Francisco, CA 94103

 

Realtor commission

No Realtor commission offered. The sales agent will act as a dual agent to both the buyers and seller.

 

All BMR Applicants must work with one of the five approved housing counselling agencies named above to submit an application for this BMR opportunity.

Procedures manual

All potential buyers must review the Limited Equity Program Loan Disclosure Information 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. Please review Limited Equity Program Loan Disclosure Information for specific information.

Special note(s)

 

1450 Franklin is a boutique collection of 67 limited edition residences. Community amenities include a scenic rooftop deck, attended lobby, on-site parking and secure bike storage.