New BMR Units: 555 Fulton Street (Fulton 555)

Posting date

November 30, 2015, updated on January 22, 2016

Program

Inclusionary Housing Below Market Rate (BMR) Program

Type of unit

Condo

Name of building

Fulton 555

Unit address (including city/state/zip code)

555 Fulton Street

San Francisco, CA 94102

Neighborhood name

Hayes Valley

Area median income for pricing unit

90% of Area Median Income (AMI)

Area median income  for qualifying for unit

100% of Area Median Income (AMI)

Sales price

204

$271,953 (without parking) $395,741 (with Parking)

205, 209, 210, 309, 310

$251,700 (without parking) $372,373 (with parking)

207, 208, 308

$282,685 (without parking) $408,204 (with parking)

222, 231, 322, 331

$245,469 (without parking) $366,141 (with parking)

224, 318, 320

$287,532 (without parking) $398,338 (with parking)

316

$277,665 (without parking) $403,358 (with parking)

Maximum qualifying income level of applicant households

Maximum household income must not exceed the following amounts by household size:

 

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 2015

A one person household can make no more than $71,350

A two person household can make no more than $81,500

A three person household can make no more than $91,700

A four person household can make no more than $101,900

A five person household can make no more than $110,050

A six person household can make no more than $118,200

A seven person household can make no more than $126,350

(Visit www.sfmohcd.org for larger households.)

 

Note: These units are priced to be affordable to households at 90% of AMI but will allow households earning up to 100% of AMI to qualify for the units per new program rules outlined in the City and County of San Francisco Inclusionary Housing Program Monitoring and Procedures Manual 2013.

 

Number of bedrooms

9 One-Bedrooms, 8 Two-Bedrooms

Number of bathrooms

One Bedrooms have 1 bathroom; Two Bedrooms have 2 bathrooms

Square footage

Unit 204 – 1,069

Unit 204 – 496

Units 207,208,308 – 701

Units 209,309 – 491

Units 210,310 – 498

Units 222 – 641

Units 224 – 988

Units 231 – 691

Units 316 – 839

Units 318 – 918

Units 320 – 945

Units 322 – 640

Units 331 – 698

Year built

2015

Appliances

Whirlpool Package

Refrigerator, Dishwasher, Wall oven, Cooktop, Range Hood

Amenities

Lounge, Dog Park, Bike Workstation, Rooftop Terrace, Private Meeting Room, 12 Hour/7 Day Lobby Attendant

Parking

9 spaces are available to 9 buyers for the higher sales price noted above and offered in lottery rank order. Parking spaces will be resold with the unit within the maximum resale price.

Monthly homeowner dues

Unit #

HOA w/o parking

HOA w/parking

Unit 204

$586

$593

  Unit 205

$450

$475

Unit 207

$496

$521

Unit 208

$496

$521

Unit 209

$450

$475

Unit 210

$450

$475

Unit 222

$486

$511

Unit 224

$553

$578

Unit 231

$486

$511

Unit 308

$496

$521

Unit 309

$450

$475

Unit 310

$450

$475

Unit 316

$524

$549

Unit 318

$553

$578

Unit 320

$553

$578

Unit 322

$486

$511

Unit 331

$486

$511

 

What the HOA dues cover

Management, maintenance, property insurance, common area utilities and water for the building.

Date on which BMR unit(s) can be occupied by owner

Construction completion has been delayed until November, 2017. MOHCD will begin contacting households after August 1, 2017.

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 must complete a first-time homebuyer workshop through one of the City’s 5 approved first-time homebuyer counseling agencies in order to apply.

 

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) made possible by HCD CalHome Program for households earning 80% AMI or less of the State Income Limits. There is no application fee for this program.

 

  • BMR-DALP-Plus for qualified households earning 81% AMI - 100% AMI.  (Lenders please use standard DALP program application and submit with fee).  (Can be combined with BMR-DALP-Plus). There is a $544 application fee for this program.

 

 

 

  • Mortgage Credit Certificate (MCC) Program (cannot be used with BMR DALP but can be combined with BMR-DALP-Plus). There is a $657 application fee if applying MCC together with BMR-DALP-Plus.

 

  • 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)

Matthew Joseph

Phone

415.519.3367

Email

matthew@fulton555.com

Website

http://fulton555.com/BMR

How to obtain an application

Contact realtor or download from the MOHCD website by clicking here.

Application deadline

January 13, 2016 at 5pm

Note: Applications must be received in paper form the sales office by 5pm on the day of the application deadline. Applications received after the deadline will not be accepted.

 

Address to which application should be delivered

Fulton 555 Sales Center

Matthew Joseph

555 Fulton Street (corner of Fulton Street & Laguna Street)

San Francisco, CA 94102

Attn: BMR Application

Office Hours are Wednesday’s and Saturday’s from 11-5pm Starting Dec. 2 2015

Lottery results, date, time and location

Assigned Ticket #         LOTTERY RANK
528064                                     1
528188                                     2
528043                                     3
528157                                     4
528083                                     5
528041                                     6
528065                                     7
528023                                     8
528168                                     9
528170                                     10
528148                                     11
528112                                     12
528098                                     13
528129                                     14
528132                                     15
528088                                     16
528128                                     17
528071                                     18
528004                                     19
528119                                     20
528016                                     21
528135                                     22
528165                                     23
528190                                     24
528177                                     25
528061                                     26
528068                                     27
528092                                     28
528087                                     29
528042                                     30
528100                                     31
528077                                     32
528181                                     33
528160                                     34
528003                                     35
528094                                     36
528066                                     37
528139                                     38
528191                                     39
528113                                     40
528051                                     41
528138                                     42
528108                                     43
528052                                     44
528205                                     45
528189                                     46
528002                                     47
528034                                     48
528147                                     49
528005                                     50
528045                                     51
528086                                     52
528166                                     53
528029                                     54
528196                                     55
528197                                     56
528118                                     57
528199                                     58
528206                                     59
528156                                     60
528202                                     61
528014                                     62
528055                                     63
528107                                     64
528046                                     65
528110                                     66
528038                                     67
528026                                     68
528021                                     69
528085                                     70
528149                                     71
066111                                     72
528048                                     73
528130                                     74
528073                                     75
528142                                     76
528015                                     77
528121                                     78
528186                                     79
528105                                     80
528164                                     81
528102                                     82
528060                                     83
528067                                     84
528097                                     85
528093                                     86
528143                                     87
528155                                     88
528027                                     89
528169                                     90
528200                                     91
528178                                     92
528125                                     93
528072                                     94
528179                                     95
528117                                     96
528134                                     97
528007                                     98
528146                                     99
528044                                     100
528126                                     101
528050                                     102
528089                                     103
528151                                     104
528091                                     105
528163                                     106
528049                                     107
528150                                     108
528176                                     109
528032                                     110
528183                                     111
066110                                     112
528078                                     113
528099                                     114
528057                                     115
528040                                     116
528114                                     117
528133                                     118
528195                                     119
528136                                     120
528090                                     121
528194                                     122
528123                                     123
528062                                     124
528140                                     125
528192                                     126
528161                                     127
528120                                     128
528028                                     129
528070                                     130
528095                                     131
528158                                     132
528080                                     133
528144                                     134
528122                                     135
528084                                     136
528018                                     137
528054                                     138
528109                                     139
528137                                     140
528162                                     141
528131                                     142
528076                                     143
528074                                     144
528079                                     145
528011                                     146
528111                                     147
528059                                     148
528153                                     149
528031                                     150
528115                                     151
528008                                     152
528009                                     153
528154                                     154
528024                                     155
528152                                     156
528193                                     157
528187                                     158
528025                                     159
528063                                     160
528058                                     161
528075                                     162
528030                                     163
528180                                     164
528037                                     165
528035                                     166
528006                                     167
528103                                     168
528017                                     169
528204                                     170
*Although 202 applications were received, only 170 lottery tickets were pulled

Date: January 20, 2016

Time: 2pm

Location: Mayor’s Office of Housing and Community Development

1 South Van Ness Avenue, 5th Floor

San Francisco, CA 94103

 

Open houses

Saturday, December 12, 2015 12-4pm

Sunday, December 13, 2015 12-4pm

Wednesday, December 16, 2015 3-7pm

 

Information session(s)

 

Weekday - Date: December 9, 2015

Time: 5:30pm

Location: Mayor’s Office of Housing and Community Development

1 South Van Ness Avenue, 5th Floor

San Francisco, CA 94103

 

Realtor commission

Are buyers’ realtors eligible for commission on these BMR units? Yes _X_  /  No___

If yes, what percentage of the sales price will be offered to the buyer’s realtor? 2.5%

If yes, how does a BMR buyer “register” his or her realtor in order for the realtor to obtain cooperating broker commission? In the contract agreement.

Procedures manual

All potential buyers must review the 2013 Inclusionary Affordable Housing Program Monitoring and Procedures Manual that governs this property.  Buyers will sign an acknowledgement that they have read and understood this document when purchasing a BMR unit.

 

Re-pricing mechanism

A BMR unit will be resold at a restricted price to a household that meets the firsttime homebuyer and income qualifications for the program. Upon resale, the unit will be repriced based on the change in median income over time. Appreciation on the unit is not guaranteed; however, most long-term owners tend to see appreciation.  Parking spaces will be resold with the unit within the maximum resale price.  Please review the 2013 Inclusionary Affordable Housing Program Monitoring and Procedures Manual for specific information.

Special note(s)

 

Construction completion has been delayed until November, 2017. MOHCD will begin contacting households after August 1, 2017.