BMR LEP Units: The San Francisco Shipyard -51 & 52 Innes Court

Posting date

 

7/10/2017 - Updated 09/27/17

Program

Limited Equity Homeownership Program

Type of unit

Condo

Name of building

Monarch at The San Francisco Shipyard

Unit address (including city/state/zip code)

Building 3:

52 Innes Ct. San Francisco, CA 94124 (Unit #101)

52 Innes Ct. San Francisco, CA 94124 (Unit #204)

52 Innes Ct. San Francisco, CA 94124 (Unit #210)

52 Innes Ct. San Francisco, CA 94124 (Unit #303)

 

Building 4:

51 Innes Ct. San Francisco, CA 94124 (Unit #203)

51 Innes Ct. San Francisco, CA 94124 (Unit #206)

51 Innes Ct. San Francisco, CA 94124 (Unit #304)

 

Neighborhood name

The San Francisco Shipyard

Number of bedrooms

7 BMR Units

Unit 210, 303, 203: 1-bedroom

Unit 101, 204, 206, 304: 2-bedrooms

Number of bathrooms

Unit 101, 204, 206, 304: 2 bathrooms

Unit 210, 303, 203: 1bathroom

Square footage

Unit 101: 1,140

Unit 204, 304: 1,190

Unit 210: 740

Unit 203, 303: 670

Unit 206: 1,115

Year built

Construction began in 2015. Construction will be complete in 2017.

Supervisorial district

District 10

Sales price - Updated

Unit 101: $242,860

Unit 204: $242,860

Unit 210: $184,618

Unit 203: $189,367

Unit 206: $250,278

Unit 303: $188,281

Unit 304: $250,278

Monthly Homeowner Association (HOA) dues - Updated

Unit 101: $631.21

Unit 204: $631.21

Unit 210, $504.17

Unit 203: $477.80

Unit 206: $590.01

Unit 303: $483.83

Unit 304: $590.01

 

 

Monthly Community Facilities District (CFD) dues - Updated

Unit 101, 204: $124.56

Unit 210, 303, 203: $100.67

Unit 206, 304: $124.56

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

75% of Area Median Income (AMI)

 Area median income for qualifying for unit

80% of Area Median Income (AMI)

Maximum qualifying income level of applicant households

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

 

80% 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 80% of AMI

1

$64,550

2

$73,800

3

$83,000

4

$92,250

5

$99,600

6

$107,000

7

$114,350

 

Appliances

Refrigerator: Bosch Stainless Steel Refrigerator

Bosch - 300 Series Compact Washer and Condensation Dryer

Bosch Stainless Steel Slide In Gas Range with Hood

Bosch Stainless Steel Dishwasher

Honeywell Thermostat

Amenities

Shipyard Shuttle with daily routes to Third Street Corridor, Dogpatch and Downtown San Francisco

Spacious furnished outdoor terrace complete with a barbecue

Breathtaking views of the San Francisco Bay, Oakland Hills and iconic Shipyard crane from many residences

Private balconies and terraces in select residences

Elevator

What the HOA dues cover

Master HOA covers the following community-wide:

  - Landscaping

  - Irrigation

- Power washing walkways 

 

Condominium Flats HOA Sub-Association:

  - Water

  - Gas

  - Reserves

  - Garbage, Recycling & Compost Pick-up

  - Fire and Hazard Insurance

  - Professional Building Management

  - Common area utilities and maintenance

What the CFD dues cover

  - Storm drain maintenance

  - Street and landscape lights maintenance

  - Sidewalk and street maintenance

  - Signage and wayfinding maintenance

  - Maintenance of local parks

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

The document will be provided by the sales agent.

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

November 2017

Lottery Preferences

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

    1. Certificate of Preference Holders

2. Rent Burdened/Assisted Housing Resident

    3. Ellis Act Housing Preference Holders/Displaced Tenants Housing Preference

    4. Live or work in San Francisco

    5. Members of the general public

Please review the BMR Application for a detailed description of each preference.

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 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 down payment 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)
  • Teacher Next Door Program (TND)
  • Police in the Community Program (PIC)
  • Mortgage Credit Certificate (MCC) Program (cannot be used with BMR DALP)
  • 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)

Fammie Pham

BRE: 01156056

 

Robert Forbes:

BRE: 01987878

Phone

415-975-4181

Email

Fammie.Pham@lennar.com

Robert.Forbes@lennar.com

Website

https://www.lennar.com/shipyardbmrhomes

 

How to obtain an application

Contact realtor or download from the MOHCD website by clicking here.

Application deadline

August 28, 2017 at 5pm

Note: Applications must be received in paper form the sales office by 5pm on the day of the application deadline. Applications received after the deadline will not be accepted.

Address to which application should be delivered

Lennar at The San Francisco Shipyard

Attn: Fammie Pham

11 Innes Court, San Francisco, Ca 94124

Lottery Results, date, time and location

Please view the final lottery results here PDF iconLottery Results - The Shipyard 9-19-2017.pdf

Date: September 19, 2017

Time: 3:30pm

Location: Mayor’s Office of Housing and Community Development

Room 5080

1 South Van Ness Avenue, 5th Floor

San Francisco, CA 94103

Open houses

Open House 1

Sunday, July 23, 2017

5:00PM-7:00PM

 

Open House 2

Saturday, July 29, 2017

11:00AM-1:00PM

 

Open House 2

Thursday, August 3rd, 2017

5:00PM-7:00PM
 

Location:

Lennar at The San Francisco Shipyard

11 Innes Court, San Francisco, Ca 94124

Information session(s)

 

Weekday - Date: Monday, July 24, 2017

Time: 6:00PM

Location: SFHDC

4439 Third Street, San Francisco, CA 94124

Realtor commission

Buyers’ realtors eligible for 2.5% commission. Brokers must accompany buyers to the sales office.

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)

 

Monarch’s two buildings at The San Francisco Shipyard offer the very best in city living. Built on the highest point of The Shipyard hilltop, Monarch offers one-, two-, and three-bedroom homes available in a variety of floor plans and a shared, furnished terrace complete with a barbecue and striking views of the Bay. This new building and beautiful homes showcase a high level of Everything's Included® features, such as expansive windows that welcome in natural light, modern appointments and finishes, Bosch® stainless-steel appliances, a large elevator, one-car parking and so much more!