BMR LEP Resale - 1235 McAllister Street, Unit 112

Posting Date

3/2/2018

Program

Limited Equity Homeownership Program

Type of Unit

Condominium Unit

Unit Address

1235 McAllister Street, Unit 112, San Francisco, CA  94115

Selling Price

$444,038

Neighborhood and Map

Western Addition (Map it!)

Number of Bedrooms

1

Number of Bathrooms

1

Square Footage

659 per tax records

Year Built

2000

Appliances Included in the Sale of the Unit  

Refrigerator, Range, Dishwasher, Microwave, Washer/Dryer Hookups Only

Building Amenities

None

Parking

Leased Parking Available – PRICE TO BE DETERMINED

Monthly Homeowner Dues

$340.92

What the HOA Dues Cover

 

Water and garbage for the common areas and individual unit, Outside Management, Ext Building and Grounds Maintenance

Covenants, Conditions & Restrictions (CC&Rs) for the building

To review the Covenants, Conditions & Restrictions for this building, please ask the sales agent.

Income Level of Applicants

120% of Unadjusted Area Median Income (AMI) for HUD Metro Fair Market Rent Area (HMFA) that contains San Francisco 2017

Household Size

Maximum Income at 120% of AMI

1

$96,850

2

$110,700

3

$124,500

4

$138,350

5

$149,400

(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 from a MOHCD approved first-time homebuyer workshop is required.  Verification of Homebuyer Education Completion is valid for 1 year from the date of issuance.

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.

 

 

  • 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.

 

This unit was formerly managed under the San Francisco Redevelopment Agency Limited Equity Program (LEP) and subject to the asset test below. 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.

 

Contact Person (Realtor/Sales Agent)

Robert Belli

Phone

415-317-8540

Email

rob@hquestrealty.com

Website

Hqrealtysf.com

How to Obtain an Application

Contact realtor or download from MOHCD website by clicking here.

 

Application deadline

 3/23/2018 at 5pm

Note: Applications must be received in the sales office by 5pm on the day of the application deadline. Call, email, or text to confirm drop off times. Applicants are welcome to drop off applications at one of the open houses.

Address to which application should be delivered

Office: Home Quest Realty

Realtor Name: Robert Belli

Address: 5517 Geary Blvd

San Francisco, CA 94121

Attn: BMR Unit(s) Call, email, or text to confirm drop off times. Applicants are welcome to drop off applications at one of the open houses.

Lottery Date, Time, Location and Results

Date: 3/30/2018

Time: 10am

Location:

Mayor’s Office of Housing and Community Development

1 South Van Ness Avenue, 5th Floor

SF, CA 94103

Click HERE for results

Lottery preferences

All individuals and households may enter the lottery for a BMR 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 in which one member holds a Displaced Tenant Housing Preference (DTHP) Certificate from the Mayor’s Office of Housing and Community Development will be given second highest preference in the lottery ranking process, for up to 20% of the units in projects with at least 5 affordable units. DTHP certificate holders will also be included in the live/work preference regardless of their current live/work location. More information about the DTHP Program can be found here: http://sfmohcd.org/displaced-tenant-housing-preference-program-0.

 

Households that submit acceptable documentation that at least one member lives or works in San Francisco will be given the 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 program requirements in order to complete the sale or rental.

 

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

 

Please note that additional preferences may exist for certain projects that were originated by the former San Francisco Redevelopment Agency.

 

Open Houses

Thursday 3/8/2018 - 5pm to 7pm

Sunday 3/11/2018 – 1pm to 4pm

Sunday 3/18/2018 – 1pm to 4pm

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 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.