Posting date

November 30, 2015 

** Updated 06/24/2020 – The lottery list has been exhausted.  Applications are being accepted on a First Come, First Served basis starting 7/1/2020 at 8:00 am PST (11am EST).  The applicant list generated from this first come, first served unit may be applied to any remaining 1-bedroom BMR units in this project should a new sale unit become available in the future.  Once all the remaining new sale units are filled, the first come, first served applicant list will no longer be valid for this project.  **

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

*Unit 205 – available for $251,700 (without parking) or $372,373 (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 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 https://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.

Update: The BMR Units were priced based on 2015 AMI Pricing. There will be no change to the Sales Price of the BMR units as listed above. The applicant household whose income exceeds 100% of the 2015 AMI will be considered using the 2020 AMI table below.

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.)

Number of bedroom(s)

1-Bedroom

Number of bathroom(s)

1 Bathroom

Square footage

496 sq. ft.

Year built

2019

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

1 parking spaces is available to buyers for the higher sales price noted above and offered in first come, first served rank order. The parking space will be resold with the unit within the maximum resale price.

Monthly homeowner dues

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

Applicants can expect to occupy the unit 60 days after the ratification of their purchase contract for the above named unit.

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 homebuyer counseling form for every adult household member on loan and title to the BMR unit must be included with the BMR 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)

Jeff Blomstrand, CalBRE License #01433566

Diana Qi, CalBRE License #02050700

Phone

Jeff: 415.519.0775 or Diana: 844.533.0555

Email

jeff@fulton555.com

diana@fulton555.com

Website

http://fulton555.com/BMR

How to obtain an application

Contact Sales Team at Fulton 555 or download HERE

How to submit an Electronic Application for First Come First Serve

The application period starts at 8am PST, July 1^st, 2020.

Submit a complete electronic application with all required documents via a ShareFile secure link, 555 Fulton Unit 205. 

Warning - Any applications submitted prior to 8am PST, July 1^st, 2020 will be automatically deleted and considered not a valid application for the first come, first served process.

Instructions: Compile the application form and all required documents into one PDF file, and name the PDF file “BMR Address – 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.

First Come First Serve

Application Start Date

July 1^st, 2020, at 8 am PST

Open houses

Due to Covid-19, all open houses are closed at this time.  Please contact the sales office to schedule an appointment to view the unit.

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 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.

Re-pricing mechanism

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.