Posting date

** Updated 8/7/2020 – The First Come, First Served Applications are now closed. 

Original Posting Date: November 30, 2015 

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.)

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

Construction has been completed for this project. The unit is ready for occupancy.

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.

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)

Jeff Blomstrand, CalBRE License #01433566

Zach Wheeler, CalBRE License # 02025788

Phone

Jeff: 415.519.0775

Email

jeff@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 started at 8am PST, July 17^th, 2020.

The first come, first served applications are now closed for this listing.

Warning - Any applications submitted prior to 8am PST, July 17th, 2020 will be automatically deleted and considered an invalid 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 17th, 2020, at 8 am PST

48 applications were received via Sharefile vendor for this listing.

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.