BMR Resale - 855 Folsom St Unit 316

Posting Date

** Updated 11/15/2021.  This unit is no longer available for purchase.  The listing has been cancelled. **

 

Original Dahlia Posting Date: 11/04/2020

First Come First Served Posting Date: 04/30/2021

Program

Inclusionary Housing Program

Type of Unit

Condo

Building Name

Yerba Buena Lofts

Unit Address (including city/state/zip code)

855 Folsom Street # 316, SF, CA 94107

Maximum Asking Price

$445,814

Affordable Price

The affordable price is $390,111 for this BMR unit.  The affordable price is based on what a household earning at 100% of Area Median Income can afford according to certain pricing assumptions. Applicants can make an offer between the maximum sales price and the affordable price. The seller is free to accept or reject the price offered by the buyer.  Some sellers may not negotiate at all.  

 

We recommend that the buyer work with their own separate real estate agent for the price negotiations.

 

If you pay more than the affordable price, you will not be eligible for the BMR DALP program. If you pay more than the affordable price now, you might not be able to sell for more than the affordable price as calculated when you sell.

Neighborhood

South of Market

Supervisory District

6

Number of Bedrooms

1

Number of Bathrooms

1

Square Footage

642

Floor Number

3

Year Built

2001

Appliances Included in the Sale of the Unit 

Dishwasher, Stove, Microwave, refrigerator and Washer Dryer.

Building Amenities

24 Hour Security, Lobby Attendant

Parking Space Count

No Deeded Parking Space.   May be possible to lease in building.

Smoking Policy

No smoking in common areas. Please see the CC&R's for the complete smoking policy.

Pet Policy

No more than 2 usual, small & ordinary household pets such as dogs, cats, birds, etc. Animals may not be kept, bred or maintained for commercial purposes. Please see the CC&R's for the complete pet policy.

Monthly HOA Dues

$528

What the HOA Dues Cover

Water, garbage, recycling, 24-hour security, HOA manager.

Covenants, Conditions & Restrictions (“CC&R’s”) for the building

To review the Covenants, Conditions & Restrictions for this building, please click here.

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 2020

Household Size

Maximum Income at 100% of AMI

1

$89,650

2

$102,500

3

$115,300

4

$128,100

5

$138,350

6

$148,600

7

$158,850

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

Other Qualification Notes

All titleholders/borrowers must complete first-time homebuyer education through one of the City’s 5 approved first-time homebuyer counseling agencies and obtain a Verification of Homebuyer Education Completion form in order to apply. Please visit https://homeownershipsf.org/homebuyers for a schedule of upcoming program orientations and workshops. 

 

All titleholders/borrowers must obtain a loan pre-approval from one of the approved participating lenders listed at https://sfmohcd.org/lender-list to apply.

 

A copy of the First Mortgage Pre-Approval and Verification of Homebuyer Education must be included with the BMR Lottery Application.

 

Applicants with financial needs are encouraged to apply for down payment assistance. All MOHCD-Approved Lenders should explore down payment and grant 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)

Mike Broermann

License #01319757

Company Name and Address (including city/state/zip code)

GroupMB Real Estate

855 Folsom Street #325

San Francisco, CA  94107

Office Hours (including any special message)

Monday to Sunday, 12:00 pm to 6:00 pm

Please call, email, or text to schedule an appointment.

Phone

(415) 545-8789

Email

mike@groupmb.com

Website

www.GroupMB.com

How to Obtain an Application

Contact realtor or download from MOHCD website by clicking here

 

Applications:

First Come, First Served

Lottery List has been exhausted. The first come, first served application period began on May 7, 2021 at 8:00 AM PT and remains open as first come, first served.

How to Submit a First Come, First Served Application

Submit a complete electronic application package via this ShareFile secure link, 855 Folsom Street Unit 316

 

Instructions: Compile the application form and all required documents into one PDF file, and name the PDF file “855 Folsom # 316 – Last Name, First Name” (Example, 123 Sample Street Unit A – Smith, John).

Changes to the application process due to COVID‐19. We are not accepting paper applications for now. If you need help to submit an application electronically, you can contact a housing counselor.  For a list of housing counselors, click here.

Lottery Date, Time and

Location

** This lottery list has been exhausted.  The first come, first served application period began on May 7, 2021 at 8:00 AM PT and remains open as first come, first served. **

 

To view the lottery results, click here.

To view the Dahlia listing, click here.

Open Houses

Individual showings available by appointment only, with signed PEAD form and 24-hour notice!

Important Program Rules

All potential buyers must review the 2018 Inclusionary Affordable Housing Program Monitoring and Procedures Manual that govern this property. Buyers will sign an acknowledgement that they have read and understood this document when purchasing a BMR unit.

Resale Price Restrictions

When you sell a BMR unit, it will be resold at a restricted price that is affordable to the next qualified household. The household you sell to must meet the first‐time homebuyer, income and other qualifications for the program. Please review the 2018 Inclusionary Affordable Housing Program Monitoring and Procedures Manual for specific information.