BMR Resale-85 Ora Way, Unit 203E, San Francisco, CA 94131

Posting Date

10/12/2017

*Updated 11/13/17 with Lottery Results*

Program

Below Market Rate Inclusionary Housing Program

(Click here for program information)

Type of Unit

Condominium

Unit Address (including city/state/zip code)

85 Ora Way, Unit 203E

San Francisco, CA 94131

Selling Price

$301,572

Neighborhood and Map

Diamond Heights (Map it!)

Number of Bedrooms

1

Number of Bathrooms

1

Square Footage

676

Year Built

1975

Appliances Included in the Sale of the Unit  

 

Building Amenities

Pool, gym, community room

Parking

1

Monthly Homeowner Dues

$524.34

What the HOA Dues Cover

Water, garbage, property management, earthquake insurance

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

To review the Covenants, Conditions & Restrictions for this building, please click here, or request from sales agent.

CC&Rs           http://tinyurl.com/yd73yqgd  

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

(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 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.

  • 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)

Jeffrey Banks

Phone

415.437.4511

Email

JeffreyBanks@sfrealproperty.com

Website

www.sfrealproperty.com

How to Obtain an Application

Contact realtor or download from MOHCD website by clicking here.

 

Application deadline

November 2, 2017, 5pm

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

Sale Office Hours: M-F 9 – 4pm, S-S 11 – 5pm

Address to which application should be mailed or delivered

Office: Coldwell Banker

Realtor Name: Jeffrey Banks

Address: 2355 Market

San Francisco, CA 94114

Attn: BMR Unit(s)

For Delivery, Office Hours are: M-F 9 – 4pm, S-S 11 – 5pm

Lottery Date, Time, Location and Results

Date: November 13, 2017

Time: 3pm

Location:

Mayor’s Office of Housing and Community Development

1 South Van Ness Avenue, 5th Floor

SF, CA 94103

Total of 46 tickets 15 tickets pulled (46 Live or Work)

Assigned Ticket #

LOTTERY RANK

3769851

1

3769880

2

3769876

3

3769873

4

3769865

5

3769884

6

3769859

7

3769872

8

3769875

9

3769881

10

3769848

11

3769869

12

3769888

13

3769874

14

3769887

15

3769882

 

3769844

 

3769845

 

3769846

 

3769847

 

3769849

 

3769850

 

3769852

 

3769853

 

3769854

 

3769855

 

3769856

 

3769857

 

3769858

 

3769860

 

3769961

 

3769862

 

3769863

 

3769864

 

3769866

 

3769867

 

3769868

 

3769870

 

3769871

 

3769877

 

3769878

 

3769879

 

3769883

 

3769885

 

3769886

 

3769889

 

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 10/14 11:30 – 1:00pm

Sunday 10/15 11:30 – 1:00pm

Saturday 10/21 11:30am – 1:00pm

Sunday 10/22 11:30-1:00 

Wednesday 10/25 5 – 7pm

Sunday 10/29 11:30 – 1:00pm

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.