BMR RESALE - 199 New Montgomery Street, Unit 711

Posting Date

December 14, 2017

*Updated January 11, 2018 with lottery results*

Program

Below Market Rate Inclusionary Housing Program

(Click here for program information)

Type of Unit

Condominium Unit

Unit Address

199 New Montgomery Street, Unit 711

San Francisco  CA 94105

Selling Price

$394,884

Neighborhood and Map

South of Market (SOMA)

(MapIt!)

Number of Bedrooms

0

Number of Bathrooms

1

Square Footage

412

Year Built

2004

Appliances Included in the Sale of the Unit 

Yes

Building Amenities

Community BBQ area on the roof top.

Parking

None

Monthly Homeowner Dues

$379.98

What the HOA Dues Cover

Water, Garbage,

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

To review the Covenants, Conditions & Restrictions for this building, please email mitchwong@gmail.com

Income Level of Applicants

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

 

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 or Certificate of Homebuyer Education 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.

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)

Mitch Wong - Intero Real Estate

Phone

650-483-8573

Email

mitchwong@gmail.com

Website

www.burlingameproperty.net

How to Obtain an Application

Contact realtor or download from MOHCD website by clicking here.

 

Application deadline

January 4, 2018 at 5pm

 

Address to which application should be mailed or delivered

Office: Intero Real Estate

Realtor Name: Mitch Wong

1100 Park Place #100

San Mateo Ca. 94403

Attn: BMR Unit(s)

Applications must be received by the deadline. Post-marks will not be considered.

 

For Delivery, Office Hours are: 9am -5pm

Lottery Date, Time, Location and Results

Date: January 11, 2018

Time: 3pm

Location:

Mayor’s Office of Housing and Community Development

1 South Van Ness Avenue, 5th Floor

SF, CA 94103

Click Here for lottery 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.

Open Houses

Sunday December 17, 2017 2-4 pm

Sunday December 24, 2017 2-4 pm

Thursday December 28, 2017 3-5 pm

Sunday December 31, 2017 2-4 pm

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 Inclusionary Housing Procedures Manual 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.  Upon resale, the unit will be repriced based on the change in median income over time. Please review Guidelines for Re-pricing BMR Units for specific information.