Posting date

** Updated 07/02/2021 – The lottery list has been exhausted. Applications are being accepted on a First Come, First Served basis starting 07/09/2021 at 8:00 AM PT.  Any applications submitted before 8:00 AM PT on 07/09/2021 will be automatically deleted. 

The applicant list generated from this first come, first served unit may be applied to any remaining 2-bedroom BMR units in this project should one or more new units become available in the future. Once all the two-bedroom units are sold, the first come, first served applicant list will no longer be valid for this project. **

Important Instructions: Compile the application form and all required documents into one PDF file in the order listed on the application, and name the PDF file “Elevant - Last Name, First Name” (Example: Elevant – Smith, John). Use the divider pages and place the corresponding documentation behind each divider page. Applications received in multiple files, an incorrect order, formats other than PDF or without supporting documents will not be accepted or reviewed.

Original Posting Date on DAHLIA: 11/02/2020

Program

Inclusionary Housing Below Market Rate (BMR) Program

Type of unit

Condo

Name of building

Elevant

Address (including city/state/zip code)

555 Golden Gate Avenue

San Francisco, CA 94102

Unit Numbers

202 & 502

Number of bedrooms

Two 2-bedroom Units

Number of bathrooms

1 bathroom

Square footage

839 - 840 sq.ft.

Year built

2020

Neighborhood Name

Tenderloin

Supervisorial District

6

Sales Price (for each BMR unit)

$399,129 - $399,178 without parking

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

$611.88 – $612.10 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 residential unit.  Please see the CC&R for the complete pet policy.

Parking

There are no parking spaces available.  The 3 parking spaces available to BMR buyers based on lottery rank order have been purchased.

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 2020

(Households must be at least as many people as bedrooms in the unit. Please visit www.sfmohcd.org for larger households.)

Appliances

GE Refrigerator (included in 2 bed homes only), GE range & dishwasher, Zephyr hood, garbage disposal

Amenities

Rooftop deck with BBQ and dining area, bike parking, Latch Smart Access system, lobby.

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

Units are available for occupancy upon the close of escrow.

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.

• BMR Downpayment Assistance Loan Program (BMR DALP): A deferred down payment assistance loan available to qualified households for up to 15% of the purchase price.

• Teacher Next Door Program (TND): A loan assistance program for active educators serving the SFUSD.

• 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 $15,000 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

For questions about applications and program requirements:

Homeownership SF

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

Homeownership SF

275 Fifth Street, Suite 314

San Francisco CA 94103

Office Hours (including any special message)

Monday to Friday

9:00 am to 5:00 pm

Please call, email or test to schedule an appointment.

Phone

For questions about the building and units:

Elevant Sales Team: Loring Racine

(415) 287-0792

For questions about applications and program requirements:

Homeownership SF

(415) 202-5464

Email

For questions about building and units:

Loring@ElevantSF.com

For questions about applications and program requirements:

info@homeownershipsf.org

Website

www.elevantsf.com for the building information.

http://www.homeownershipsf.org for assistance with the application and program requirements.

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 on 07/09/2021 at 8:00 AM PT.  Any applications submitted before 8:00 AM PT on 07/09/2021 will be automatically deleted.

How to submit – Application for First Come,

First Served

Application period starts at 8:00 AM PT on 07/09/2021.  Submit a complete electronic application with all required documents as a single PDF file via a sharefile secure link, Elevant.

Instructions: Compile the application form and all required documents into one PDF file in the order listed on the application, and name the PDF file “Elevant - Last Name, First Name” (Example: Elevant – Smith, John). Use the divider pages and place the corresponding documentation behind each divider page. Applications received in multiple files, an incorrect order, formats other than PDF or without supporting documents will not be accepted or reviewed.

Changes to the application process due to COVID-19. We are not accepting paper applications for now. If you need assistance to submit an application electronically, please contact a housing counselor. For a list of housing counselors, click here.

Lottery date, time and location

** The lottery list has been exhausted.  Applications are being accepted on a first come, first served basis starting on 07/09/2021 at 8:00 AM PT.  **

To view the lottery results, click here.

To view the DAHLIA listing, click here.

Open Houses 

Individual showings of the BMR units may be available by appointment only.  Please contact the Elevant’s sales office for assistance.

Realtor Commission

The buyer’s realtor is NOT eligible for commission on these BMR units.

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. 

Special Note(s)

Incredible opportunity to live in the heart of San Francisco in a brand new building!

Close-proximity to transportation, shopping, dining and entertainment.