Posting Date

** Updated 10/29/2021, Listing is cancelled. Unit is no longer available. **

Original Posting Date to Dahlia: 1/25/2021

First Come First Served Posting Date: 3/22/2021

Program

Inclusionary Housing Program

Type of Unit

Condominium

Building Name

Yerba Buena Lofts

Unit Address (including city/state/zip code)

855 Folsom St # 742, SF, CA 94107

Maximum Asking Price

$485,000

Affordable Price

The affordable price is $423,800 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. The seller’s real estate agent should not represent the buyer.

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

District 6

Number of Bedrooms

2

Number of Bathrooms

1

Square Footage

742

Floor Number

7^th

Year Built

2001

Appliances Included in the Sale of the Unit  

Dishwasher, Microwave, Stove/Oven.

Building Amenities

24 Hour Security, Full time HOA and management

Parking Space Count

No Parking Space

Smoking Policy

No Smoking

Pet Policy

Limit of 2 animals, please review the CC&R for the complete pet policy.

Monthly HOA Dues

$547

What the HOA Dues Cover

24 hour security, Water, garbage, recycling, 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

(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

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

Group MB

855 Folsom #376

San Francisco CA, 94107

Office Hours (including any special message)

Monday to Sunday, 9:00 AM to 5:00 PM

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 March 29, 2021 at 8:00 AM PST 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 742.

Instructions: Compile the application form and all required documents into one PDF file, and name the PDF file “855 Folsom # 742 – 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.

** This lottery list has been exhausted.  The first come, first served application period began on March 29, 2021 at 8:00 AM PST and remains open as first come, first served. **

To view the lottery results, click here.

To view the Dahlia listing, click here.

Virtual Tour

To view the virtual tour, please click on this link. 

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.