Current Listings: City Second Program

MAYOR'S OFFICE OF HOUSING AND COMMUNITY DEVELOPMENT 
AVAILABLE UNITS UNDER CITY SECOND LOAN PROGRAM
Updated December 11, 2017

The following properties are currently available 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 Lender’s CSLP loan packet 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

10/24/17

Type of Unit   Condo

City Second Loan Program

Market Rate Program with no Resale Restrictions

Development Name

McAllister Mews

Address

 

1235 McAllister, Unit 112, San Francisco, CA, 94115

 

# Bedroom

 

1

# Bathroom

1

Square footage

660

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

$588,000

Offer Price

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

$640,000

Date Right of First Refusal Ends

December 4, 2017

Downpayment Assistance

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

$32,000.00

Parking

 

3rd Party Lease

Monthly Homeowner Dues 

$340

Contact Person:

Peter Gum, Agent

Phone:

 

415-509-2326

Email:

pgum@kw.com

MLS Link:

 

View Listing

Open House: 

10/28/17 and 10/29/17    Time: 1:00 – 4:00pm

11/4/17  and 11/5/17       Time: 1:00 – 4:00pm

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. New and all subsequent buyers will enter into a Grant of Right of First Refusal with the City.  For more information please visit our websitehttp://sfmohcd.org/city-second-loan-program

 

Posting Date

9/1/2017

Type of Unit

City Second Loan Program

Market Rate Program with no Resale Restrictions

Development Name

101 Valencia

Address

 

95 McCoppin St. E410, San Francisco, CA 94103

# Bedroom

 

1

# Bathroom

 

1

Square footage

 

731

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

$808,000

 

Offer Price

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

$755,000

Date Right of First Refusal Ends

December 7, 2017

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

$38,500

Parking

 

1

Monthly Homeowner Dues

$444

Contact Person:

Jessie Lee

Phone:

 

415-518-6402

Email:

leejessiesf@gmail.com

MSL Link:

 View Listings

 

Open House: 

Please contact Jessie Lee for an appointmet to view the unit.

        

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. New and all subsequent buyers will enter into a Grant of Right of First Refusal with the City.  For more information please visit our website:  http://sfmohcd.org/city-second-loan-program