LEP Resale Unit: 260 King Street Unit 639 San Francisco CA 94107

Posting Date

02/01/2017 updated 3/7/2017

Program

Limited Equity Homeownership Program

Type of Unit

Condominium Unit

Unit Address (including city/state/zip code)

260 King Street #639, San Francisco, CA 94107

Selling Price

$222,952

Neighborhood and Map

Mission Bay (https://goo.gl/maps/BEQz6mxFFHD2!)

Number of Bedrooms

1

Number of Bathrooms

1

Square Footage

850 sq. ft.

Year Built

2004

Appliances Included in the Sale of the Unit  

Refrigerator, dishwasher, built in microwave/hood and range.  Stacker washer/dryer.

Building Amenities

24 Hour Concierge and Security; Business Center; Fitness Center; Pool; Spa; Club House and Dog Park

Parking

One Compact Space #135

Monthly Homeowner Dues

$763

What the HOA Dues Cover

Management, common area maintenance water and garbage.  (No gas in the building.)

Income Level of Applicants

Applicants must make no more than the following amounts per household:

 

110% 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 2016

 

Household Size

Maximum Income at 110% of AMI

1

$82,950

2

$94,750

3

$106,650

4

$118,450

5

$127,950

6

$137,450

7

$146,900

(Households must be at least as many people as bedrooms in the unit. Please visit www.sfmohcd.org for larger households.)

 

(Please visit http://sf-moh.org/index.aspx?page=22 for larger households.)

Other Qualification Notes

This unit was formerly managed under the San Francisco Redevelopment Agency Limited Equity Program (LEP) and subject to the asset test below. Qualified retirement accounts (such as IRA, 401K, 403B) will not be counted toward an applicant’s income unless a portion is being used toward the down payment.

The first $15,000 of household assets is excused; 10% of all assets between $15,001 and $100,000 will be added to the total household income; and 35% of assets above $100,001 will be added to the total household income.

 

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.

 

  • BMR Down Payment Assistance Program (BMR DALP): A deferred down payment assistance loan available to qualified households for up to $57,000 (or maximum of 15% of the purchase price, whichever is less) towards the purchase of a BMR unit.

 

 

  • Mortgage Credit Certificate (MCC) Program (can be combined with BMR-DALP for households earning 81% or above of AMI). There is a $675 application fee if applying for MCC.

 

  • 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.

Contact Person (Realtor/Sales Agent)

Gina Wendy Tse-Louie

 

Phone

415-742-5100  x103 or x 121 after hours; Cell:  415-271-2178

Email

Gina@RERevolution.biz

Website

www.RealEstateRevolutionInc.com

How to Obtain an Application

Contact realtor or download from MOHCD website by clicking here.

 

Application deadline

February 22, 2017, 5pm

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

Address to which application should be delivered

Office:                               Real Estate Revolution

Realtor Name:                  Gina Tse-Louie

Address:                           645 Taraval Street

City/State/Zip Code:         San Francisco, CA 94116

Attn: BMR Unit(s)

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

 

For Delivery, Office Hours are: 9 AM – 6 PM

Lottery Date, Time and Location

                     Lottery Results

Assigned Ticket #

LOTTERY RANK

3775452

1

3775435

2

3775464

3

3775461

4

3775454

5

3775669

6

3775694

7

3775675

8

3775443

9

3775462

10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Only 10 lottery tickets are pulled per one unit

Date: Monday, March 6, 2017

Time: 3pm

Location:

Mayor’s Office of Housing and Community Development

1 South Van Ness Avenue, 5th Floor

SF, CA 94103

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

Wednesday, February 8, 2017 5:00 – 7:00pm

Sunday, February 12, 2017 1:00 -4:00pm

Wednesday, February 15, 2017 11:00am-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 Limited Equity Program Loan Disclosure Information 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. Please review Limited Equity Program Loan Disclosure Information for specific information.