Posting Date

January 9, 2020

**Updated 06/29/2020 -  The Lottery List has been exhausted. Applications are being accepted on a first come, first served basis starting July 07, 2020 at 8:00 AM PST.

Program

Inclusionary Housing Program

Type of Unit

Condominium

Building Name

Yerba Buena Lofts

Unit Address (including city/state/zip code)

855 Folsom Street, Unit 941, San Francisco, CA 94107

Maximum Asking Price

$395,000

This is the maximum price for which this seller can list the unit. A buyer’s ability to afford this maximum asking price depends on the buyer’s individual financial situation.

Neighborhood

South of Market

Supervisory District

6

Number of Bedrooms

0

Number of Bathrooms

1

Square Footage

503 Square Feet

Floor Number

9

Year Built

2007

Appliances Included in the Sale of the Unit  

Refrigerator, stove, and dishwasher.

Building Amenities

Lobby attendant and 24 hour security.

Parking Space Count

No Parking Space

Smoking Policy

No Smoking.  Please see CC&R's for the complete smoking policy.

Pet Policy

2 cats or dogs, size or weight restriction. Please see CC&R's for the complete pet policy.

Monthly HOA Dues

$479

What the HOA Dues Cover

Water, Garbage, HOA Management, Exterior Insurance, Exterior Maintenance, and 24 hour lobby attendant.

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

Applicants must secure a mortgage loan Pre-Approval through a MOHCD-Approved Lender who has a “√” checked under BMR.

All titleholders/borrowers must complete first-time homebuyer education through one of the five MOHCD-Approved Homebuyer Counseling Agencies in order to apply. Please visit http://homeownershipsf.org/workshops to sign up for homebuyer education workshops. Verification of Homebuyer Education Completion from a MOHCD-Approved Homebuyer Counseling Agency is required. Verification of Homebuyer Education Completion is valid for 1 year from the date of issuance.

A copy of the mortgage loan Pre-Approval and Verification of Homebuyer Education Completion for every adult household member on loan and title to the BMR unit 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)

Derrick Mar

CalDRE 01469573

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

Compass

2099 Market Street

San Francisco, CA 94114

Office Hours (including any special message)

Mon – Sun 10am – 5pm

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

Phone

415.806.6188

Email

derrick@derrickmar.com

Website

www.derrickmar.com

Applications – First Come, First Served

Lottery List has been exhausted. Applications are being accepted on a first come, first served basis starting 07/07/2020 at 8:00 AM PST.  Any applications submitted prior to 8:00 AM PST, 07/07/2020 will be automatically deleted.

How to Submit an Electronic Application

Submit an electronic application via a ShareFile secure link, 855 Folsom Street Unit 941.

Instructions: Compile the application form and all required documents into one PDF file, and name the PDF file “855 Folsom Street Unit 941 – 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.  Applications are being accepted on a first come, first served basis starting 07/07/2020 at 8:00 AM PST**

To view the lottery results, click here.

Important Program Rules

All potential buyers must review the 2018 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.

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.