BMR Ownership: The Austin (1545 Pine Street)

 

Posting date

June 26, 2017 - Updated September 8, 2017

Program

Inclusionary Housing Below Market Rate (BMR) Program

Type of unit

Condo

Name of building

The Austin

Address

1545 Pine Street

San Francisco, CA 94109

 

Unit Numbers

12 BMR Units:

2 - Studio

6 - One-bedroom

4 - Two-bedroom

 

Number of bedrooms

Studio: 305, 602

One-bedroom: 208, 301, 410, 508, 706, 806

Two-bedroom: 203, 206, 303, 403

 

Number of bathrooms

1 and 2 bathrooms

Square footage

423 – 1,165 square feet

 

 

Year built

2017

Neighborhood Name

Lower Polk

Supervisorial District

District 3

Sales Price

$208,191 - $281,387 without parking

$241,809 - $315,001 with parking

Monthly Homeowner Association (HOA) Dues

$594.93 - $857.40 without parking

$685.91 - $948.38 with parking

Parking

9 spaces are available to 12 buyers for the higher sales price noted above. Parking spaces will be resold with the unit within the maximum resale price.

Area Median Income for Pricing Unit

90% of Area Median Income (AMI)

Area Median Income for Qualifying for Unit

100% of Area Median Income (AMI)

Maximum Allowable Income Levels

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

  • Cooktop/Oven: GE 30" freestanding ADA gas range stainless steel
  • Exhaust Hood: GE 30" chimney wall hood stainless steel
  • Dishwasher: GE 24" ADA dishwasher with stainless steel finish

 

Amenities

Roof top lounge, Bike Storage

What the HOA dues cover

Sewer, water, trash, maintenance, common areas, gas

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

October 2017

Other qualification notes

All potential buyers must review the 2013 Inclusionary Affordable Housing Program Monitoring and Procedures Manual that governs this property. Buyers will sign an acknowledgement that they have read and understood this document when purchasing a BMR unit.

 

Applicants must secure a loan preapproval and a final loan through a MOHCD Participating Lender who have an “X” marked under BMR.

 

All titleholders 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 form 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 a MOHCD approved lender and may be eligible for 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    for more information.

 

 

 

 

  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.

See other qualification rules in the City and County of San Francisco Inclusionary Affordable Housing Program Monitoring and Procedures Manual 2013.

Contact person (realtor/sales agent)

Josh Frizzell CalBRE License #02001459

Phone

415-606-4914

Email

Josh@TheAustinSF.com

Website

www.TheAustinSF.com/BMR

Realtor commission

Buyers’ realtors are eligible for 2.5% commission if Brokers accompany buyers on their first visit and register.

 

How to obtain an application

  Contact realtor or download 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.

Address to which application should be mailed or delivered

The Austin – BMR Program

1557 Pine Street

San Francisco, CA 94109

 

  Office hours are: Monday through Friday 12-5pm

Application Deadline

 August 10, 2017 by 5pm

 

Applications must be received in paper form (no faxes or emails) by 5pm on the date of the deadline. Postmarks will not be accepted. Applications received after the application deadline will not be accepted.

Open houses

Saturday, July 8, 2017 from 12-4pm

Wednesday, July 19, 2017 from 3:30-6:30pm

Saturday, July 22, 2017 from 12-4pm

Wednesday, August 2, 2017 from 3:30-6:30pm

 

The vignette is located at: 1557 Pine Street, San Francisco, CA 94109

Information session(s)

Date: Monday, July 10, 2017

Time: 4pm

Location: Mayor’s Office of Housing and Community Development 1 South Van Ness Avenue, 5th Floor

San Francisco, CA 94103

 

 

 

 

 

Lottery date, time and location

Please view the final lottery results here PDF iconFINAL-Preference Rerun Lottery Results - 9-8-2017.pdf

Date: August 31, 2017

Time: 3:30pm

 

 

 

 

  Location:

  Mayor’s Office of Housing and Community Development

  1 South Van Ness Avenue, 5th Floor

  San Francisco, CA 94103

 

  Applicants do not need to be present at the lottery. Lottery results will be posted here        within one week of the lottery.

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 (2). 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 in the same Supervisorial District 3 (Peskin) or within a half-mile of the project will be given the third highest preference in the lottery ranking process under the Neighborhood Resident Housing Preference (NRHP). The NRHP applies to up to 40% of the units in projects (4) The NRHP status of all applicants will be listed on this posting one week prior to the lottery. More information about the NRHP Program can be found here: http://sfmohcd.org/neighborhood-resident-housing- preference. PDF iconThe Austin - Final NRHP Results - 08.24.17.pdf

 

 

Households that submit acceptable documentation that at least one member lives or works in San Francisco will be given the fourth 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.

Special note(s)

The residences at The Austin are designed for living. Their smart layouts provide everything you need for a modern, urban and Californian lifestyle.