Current Listings: City Second Program

MAYOR'S OFFICE OF HOUSING AND COMMUNITY DEVELOPMENT 
AVAILABLE UNITS UNDER CITY SECOND LOAN PROGRAM
Updated February 8, 2018

Currently, there is one available unit for sale through the City Second Loan Program (CSLP). The CSLP properties are market rate units in which the City holds a right of first refusal. A right of first refusal is a contractual right granted by the seller giving an opportunity to the City to elect a qualified buyer to purchase the property through CSLP. If the property is in contract, an “Offer Price” will be shown. If the property is not yet in contract, the Offer Price field will be marked “TBD”. Note that the right of first refusal gives the City a specified amount of time to find a qualified buyer who can match the offer price to replace the existing offer and purchase the property. If that time expires, the seller can complete a sale with the buyer of their choosing. Buyers who believe they are income qualified are encouraged to attend the listed open house, and apply for a CSLP loan.

Buyers who would like to get pre-approved for a CSLP loan before making an offer to the seller, shall submit a PDF iconCity Second Loan Program Application- Pre Approval to MOHCD. Pre-approval applications are accepted and reviewed based on the order received. MOHCD reserves the right to limit pre-approval applications in its sole discretion. Note that a CSLP pre-approval does not constitute the seller’s acceptance to the buyer’s offer, nor guarantee the buyer’s final CSLP loan approval.

Buyers who are interested in making an offer (with or without the City’s pre-approval for CSLP), shall work with their real estate agents to present an offer to the seller. If the offer is accepted by the seller, the buyer shall immediately submit a copy of fully executed purchase agreement to MOHCD and work with their lender on submittal of the PDF iconLender Package Application 1-2018 to MOHCD.

Since the City Second properties are for sale on the open market, MOHCD is not in a position to determine the sales price and seller’s buyers. If the seller enters into a purchase agreement with a non-CSLP participant during the specified right of first refusal time period, MOHCD will use a qualified buyer to substitute. If the seller enters into a purchase agreement with a CSLP participant during the specified right of first refusal time period, MOHCD will permit the buyer to purchase the property by a) waiving its right of first refusal from the seller, and b) requiring the new buyer to grant the City a new right of first refusal at close of escrow.

CSLP applications for all Eligible buyers are accepted on a first-come, first-served basis and are always subject to funding availability. Please click here to see the program funding balance. For more detailed information about CSLP, please click here, or see the PDF iconCity Second Flyer. Please contact John.Lucero@sfgov.org with questions.

 

 

Posting Date

January 26, 2018

Type of Unit

City Second Loan Program

Market Rate Program with no Resale Restrictions

Development Name

101 Valencia (Mission-South of Market)

 

 

Address

 

135 Valencia #A105, San Francisco, CA 94103

# Bedroom

 

2

# Bathroom

 

1

Square footage

± 904 per tax record

Maximum Income Level of Applicants

120% of Area Median Income

2 Person-$110,700

3 Person-$124,500

4 Person-$138,350

5 Person-$149,400

6 Person-$160,500

Asking Price

$849,000

Offer Price

(City Second borrower must be able to match the offer price)

$927,000

Application Period

Wednesday, January 31, 2018 – Friday, March 9, 2018

Date Right of First Refusal Starts

February 7, 2018

Date Right of First Refusal Ends

March 24, 2018

Maximum City Second Downpayment Assistance Loan Amount

Up to $375,000 available for City Second Units based on funding availability.

 

2017 DALP pre-approved homebuyers can utilize their DALP assistance for the purchase of this property and are welcomed to submit an offer.   All program eligibility requirements must be met.

Minimum Downpayment Required Based on Offer Price

TBD

Parking

1 Underground Secure Parking Space

Monthly Homeowner Dues

$469 monthly

Contact Person:

Joske Thompson

Phone:

 

Primary:415-345-3100  Lic: 00843865

Email:

joske@pacunion.com

MSL Link:

View Listings

Open House: 

Saturday, January 27, 2018 2pm-4pm

Sunday,  January 28, 2018 2pm-4pm

Special Remark:

 

City Second Loan is available for qualified buyers on a first come, first serve basis. 

 

The Property is subject to the City’s Grant of Right of First Refusal Agreement.

 

Posting Date

February 6, 2018

Type of Unit

City Second Loan Program

Market Rate Program with no Resale Restrictions

Development Name

Amancio Ergina Village

Address

 

1348 Scott St. #A

San Francisco, CA 94115

# Bedroom

 

1

# Bathroom

 

1

Square footage

653

Maximum Income Level of Applicants

120% of Area Median Income

1 Person -$96,850

2 Person-$110,700

3 Person-$124,500

4 Person-$138,350

5 Person-$149,400

6 Person-$160,500

Asking Price

$685,000

Offer Price

(City Second borrower must be able to match the offer price)

$685,000

Application Period

Closed

Date Right of First Refusal Starts

January 29, 2018

Date Right of First Refusal Ends

March 15, 2018

Maximum City Second Downpayment Assistance Loan Amount

Up to $375,000 available for City Second Units based on funding availability.

 

2017 DALP pre-approved homebuyers can utilize their DALP assistance for the purchase of this property and are welcomed to submit an offer.   All program eligibility requirements must be met.

Minimum Downpayment Required Based on Offer Price

For MOHCD Use

Parking

1 Carport

Monthly Homeowner Dues

$450

Contact Person:

Lannie Mok, Intero Real Estate Services

Phone:

 

510-889-6888

Email:

Lannie.mok@gmail.com

MSL Link:

MLS#:  466027

Open House: 

1/13/2018, 1/14/2018 (Saturday & Sunday) 2-4:30

Special Remark:

 

City Second Loan is available for qualified buyers on a first come, first serve basis. 

 

The Property is subject to the City’s Grant of Right of First Refusal Agreement.