BMR New Sale - 198 Valencia

Posting date

** Updated 07/20/2022 – The lottery list has been exhausted. Applications are being accepted on a First Come, First Served basis starting 06/30/2022 at 8:00 am PST.  Any applications uploaded before 8:00 AM PST on 6/30/2022 will be automatically deleted.  **

 

Note: The applicant list generated from this first come, first served listing may be applied to any remaining BMR units in this project should one or more new units become available in the future.  Once all the BMR units are sold, the first come, first served applicant list will no longer be valid for this project.

 

Original DAHLIA Posting Date: 11/29/21

Program

Inclusionary Housing Below Market Rate (BMR) Program

Type of unit

Condo

Name of building

198 Valencia

Address (including city/state/zip code)

198 Valencia Street

San Francisco CA, 94103

Unit Numbers

306

Number of bedrooms

Studio

Number of bathrooms

1 bath

Square footage

468 sq.ft.

Year built

2022

Neighborhood Name

Mission District

Supervisorial District

District 8

Sales Price (for each BMR unit)

$326,536 without parking

 

Unit No.

Bedroom Count

Bath Count

Square Feet

Floor #

HOA Dues w/o Parking

Price w/o Parking          

306

0

1

468

3

$503.11

$326,536

 

Monthly Homeowner Association (HOA) Dues (for each BMR unit)

$503.11 - without parking

What the HOA dues cover

Gas, water, trash, maintenance of the common areas and reserves

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

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

 

Smoking Policy

Smoking prohibited throughout the community including within the units.  Please see the CC&R for the complete smoking policy.

Pet Policy

Two pets per unit.  Please see the CC&R for the complete pet policy.

Parking

No Parking Space

Area Median Income for Qualifying for Unit

100% of Area Median Income (AMI)

Maximum Allowable Income Levels

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 2022

 

Household Size

Maximum Income at 100% of AMI

1

$97,000

2

$110,850

3

$124,700

4

$138,550

5

$149,650

6

$160,700

7

$171,800

(Households must be at least as many people as bedrooms in the unit. Please visit https://sfmohcd.org/ami-levels-homeownership for larger households.)

 

Note: Changes in AMI - MOHCD will use the income limit from the current year’s AMI chart to determine eligibility for an applicant.

Appliances

GE Refrigerator (included in 2 bed homes only), GE range and dishwasher, garbage disposal

Amenities

Common roof deck with BBQ, seating, bike parking, Latch smart system, lobby.

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

August 2022

Other qualification notes

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.

 

All adult household members who will be on the title of the BMR unit 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. 

 

Applicants 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.

 

 

  • Mortgage Credit Certificate (MCC): A certificate that allows first-time homebuyers to claim a tax credit for up to 15% of the annual mortgage interests paid. There is an application fee if applying for MCC.

 

  • Federal Home Loan Bank’s WISH program provides up to $22,000 in matching funds for down payment assistance.  Please ask your mortgage lender for more information.

 

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 2018.

Contact person (realtor/sales agent)

For questions about the building and units:

Loring Racine: CA DRE #01277494

Phone: 415-501-0945

Email: Loring@198ValenciaSF.com

 

For questions about applications and program requirements:

Homeownership SF

Phone: 415-202-5464

Email: info@homeownershipsf.org

 

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

For questions about the building and units:

198 Valencia Sales Team

198 Valencia Street

San Francisco, CA 94103

 

For questions about applications and program requirements:

Homeownership SF

275 Fifth Street Suite 314

San Francisco, CA 94103

Office Hours (including any special message)

Monday to Friday, 10:00 am to 5:00 pm.

Please call during these hours.

Phone

For questions about the building and units:

Loring Racine

Phone: 415-501-0945

 

For questions about applications and program requirements:

Homeownership SF

Phone: 415-202-5464

Email

For questions about the building and units:

Loring@198ValenciaSF.com

 

For questions about applications and program requirements:

info@homeownershipsf.org

Website

For the building information, please visit www.198valenciasf.com.

For assistance with your application, please visit http://www.homeownershipsf.org.

Realtor Commission

Are buyers’ realtors eligible for commission on these BMR units? No

How to obtain an application

Please contact HomeOwnershipSF or click here to download the application.

Applications – First Come, First Served

Lottery List has been exhausted. Applications are being accepted on a first come, first served basis starting 06/30//2022 at 8:00 AM PST.  Any applications submitted prior to 8:00 AM PST, 06/30/2022 will be automatically deleted.

 

 

 

How to submit Application for First Come First Serve

Application period starts at 8:00 AM PST on 07/06/2022 Submit a complete electronic application with all required documents as a single PDF file via a ShareFile secure link, 198 Valencia. 

 

Instructions: Compile the application form and all required documents into one PDF file, and name the PDF file “198 Valencia– Last Name, First Name” (Example: 123 Sample Street Unit A – Smith, John). 

 

Changes to the application process due to COVID19. 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 on 06/30//2022 at 8:00 AM PST **

 

To view the lottery results, click here.

To view the DAHLIA listing, 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 firsttime homebuyer, income and other qualifications for the program. Please review the 2018 Inclusionary Affordable Housing Program Monitoring and Procedures Manual for specific information. 

Special note(s)

This is a beautiful new building in an exciting SF neighborhood.