BMR LEP Resale - 260 King Street, Unit 401, San Francisco, CA 94107

Posting Date

5-4-2017      Update 6-7-2017   Updated 8-22-2017

Program

Limited Equity Homeownership Program

Type of Unit

Condominium Unit

Unit Address (including city/state/zip code)

260 King Street, Unit 401,  San Francisco,  CA 94107

Selling Price

$231,224

Neighborhood and Map

Mission Bay (Map it!)

Number of Bedrooms

Junior 1 bedroom

Number of Bathrooms

1

Square Footage

703

Year Built

2004

Appliances Included in the Sale of the Unit  

Stove, Refrigerator, Dishwasher

Building Amenities

Club Room, Spa/Hot Tub, Gym, Pool, Garden/Greenbelt

Parking

None

Monthly Homeowner Dues

$750 also buyer pays one-time fee at COE of .0025% of purchase price to Mission Bay Community Services and monthly fee of $33.75 to Mission Bay Enhancement

What the HOA Dues Cover

 

Water and garbage for both individual units and common area, Ext Building Maintenance, Grounds Maintenance, Door Person, Outside Management

Income Level of Applicants

 

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

 

110% of Unadjusted Area Median Income (AMI) for HUD Metro Fair Market Rent Area (HMFA) that contains San Francisco 2017

 

Household Size

Maximum Income at 110% of AMI

1

$88,750

2

$101,500

3

$114,150

4

$126,850

5

$136,950

6

$147,150

7

$157,250

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

 

Other Qualification Notes

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.

 

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 Down Payment Assistance 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.

Contact Person (Realtor/Sales Agent)

Robert Belli

Phone

415-317-8540

Email

rob@hquestrealty.com

Website

www.Hqrealtysf.com

How to Obtain an Application

Contact realtor or download from MOHCD website by clicking here.

 

Application deadline

May 25, 2017, 5pm

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

For Delivery, Office Hours on the day of the application deadline will be 10am – 5pm

Address to which application should be delivered

Office: Home Quest Realty

Realtor Name: Robert Belli

Address: 5517 Geary Blvd Suite 206

City/State/Zip Code: San Francisco, CA 94121

Attn: BMR Unit(s)

For Delivery Sale Office Hours: Please call or e-mail to confirm application drop-off times

Lottery Date, Time and Location

Final Lottery Ranking

6.7.2017

Assigned Ticket #

LOTTERY RANK

6626819

1

6626834

2

3775984

3

3775988

4

3775997

5

6626822

6

6626828

7

6626830

8

3775975

9

3775996

10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Date: June 6, 2017

Time: 3pm

Location:

Mayor’s Office of Housing and Community Development

1 South Van Ness Avenue, 5th Floor

SF, CA 94103

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.

Open Houses

 Saturday May 6, 2017            1pm to 4pm

 Wednesday May 10, 2017      5pm to 7pm

 Sunday May 21, 2017            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.