BMR Resale - 888 7th Street, Unit 234, San Francisco, CA 94107
Posting Date |
8/22/2017 **Updated 9/21/2017 with lottery results** |
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Program |
Below Market Rate Inclusionary Housing Program (Click here for program information) |
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Type of Unit |
Condominium Unit |
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Unit Address (including city/state/zip code) |
888 7th Street, Unit 234 San Francisco, CA 94107 |
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Selling Price |
$329,448 |
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Neighborhood and Map |
Potrero Hill (Map it!) |
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Number of Bedrooms |
1 bedroom |
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Number of Bathrooms |
1 bathroom |
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Square Footage |
535 |
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Year Built |
2007 |
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Appliances Included in the Sale of the Unit |
Stainless steel stove/oven, refrigerator, microwave, and washer/dryer |
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Building Amenities |
Outdoor space, game room, community room, parking, bike storage |
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Parking |
1 space (#98) |
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Monthly Homeowner Dues |
$370.22 (as of Aug. 2017) |
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What the HOA Dues Cover |
Maintenance, garbage, management, master insurance, water, and parking |
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Covenants, Conditions & Restrictions (“CC&R’s”) for the building |
A copy of the Covenants, Conditions & Restrictions for this building will be given to the applicant who wins the lottery. |
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Income Level of Applicants |
Applicants must make no more than the following amounts per household:
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
(Households must be at least as many people as bedrooms in the unit. Please visit www.sfmohcd.org for larger households.)
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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.
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. |
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Contact Person (Realtor/Sales Agent) |
Stephanie Okabe Mates Sequoia Real Estate CalBRE#01953347 |
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Phone |
Office: 415-702-9184 Cell: 415-570-9176 |
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Website |
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How to Obtain an Application |
Contact realtor or download from MOHCD website by clicking here.
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Application deadline |
September 12, 2017 @ 5pm Note: Applications must be received in the sales office by 5pm on the day of the application deadline. Sale Office Hours: 9 am - 5 pm |
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Address to which application should be mailed or delivered |
Office: Sequoia Real Estate Realtor: Stephanie Okabe Mates Address: 3595 Balboa Street San Francisco, CA 94121 Attn: BMR Unit(s) Applications must be received by the deadline. Postmarks will not be considered.
For Delivery, Office Hours are: 9 am-5 pm |
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Lottery Date, Time, Location and Results |
September 21, 2017 Time: 3pm Location: Mayor’s Office of Housing and Community Development 1 South Van Ness Avenue, 5th Floor SF, CA 94103
Total of 41 tickets. 10 tickets pulled.
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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. |
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Open Houses |
August 25, 2017 @ 5:30 pm-7:30 pm (Friday) August 26, 2017 @ 3-5 pm (Saturday) August 27, 2017 @ 3-5 pm (Sunday) |
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Special Note(s) |
View this unit on the public Multiple Listing Service and on Craig’s List. |
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Procedures Manual |
All potential buyers must review the Inclusionary Housing Procedures Manual that governs this property. |
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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. |