BMR Resale - 1695 18th Street, Unit 307

Posting Date

08/27/18 **Update 09/25/18 - Lottery Results**

Program

Below Market Rate Ownership Housing Program

Type of Unit

Condominium Unit

 

Artist Live/Work Unit

At least a member of the household member must hold a valid and active San Francisco Business License to authorize art activities at the time of application, and will principally use a portion of the unit for arts activities as required under the Project Use Restrictions.

Arts Activities are defined in San Francisco Planning Code Section 102.2, and attached as Exhibit B of the Grant and Regulatory Agreement Package iconGoodman II Grant and Regulationary Agreement.zip

Unit Address (including city/state/zip code)

1695 18th Street, Unit 307

San Francisco, CA 94107

Selling Price

$234,775

Neighborhood and Map

Potrero Hill (Google Maps)

Supervisor District

District 10

Number of Bedrooms

1 (loft unit)

Number of Bathrooms

1

Square Footage

636 Sq. Ft

Year Built

1996

Appliances Included in the Sale of the Unit 

Stove, microwave with fan, refrigerator, garbage disposal, ceiling fan

Building Amenities

Backyard common green space, indoor atrium art gallery, laundry room, elevator, automatic garage door, theater that sometimes offers discounts or free seating to building residents. Also, because it is an artists’ building, you can use the wall space outside your unit immediately around your door to display as you wish.

Parking

1 space (#25)

Monthly Homeowner Dues

$376

What the HOA Dues Cover

Backyard common green space, indoor atrium art gallery, laundry room, elevator, automatic garage door, theater that sometimes offers discounts or free seating to building residents. Also, because it is an artists’ building, you can use the wall space outside your unit immediately around your door to display as you wish.

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

Covenants, Conditions & Restrictions for this building will be given to the lottery winner of this condo.

Income Level of Applicants

Applicants must make no more than the following amounts per household:

80% 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 2018

Household Size

Maximum Income at 80% of AMI

1

$66,300

2

$75,750

3

$85,250

4

$94,700

5

$102,300

6

$109,900

7

$117,450

(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 loan preapproval and a final loan through a MOHCD Participating Lender who have an “X” marked under BMR.

All titleholders/borrowers must complete a first-time homebuyer workshop through one of the City’s 5 approved first-time homebuyer counseling agencies in order to apply. Please visit http://homeownershipsf.org/workshops for a schedule of upcoming classes. 

Verification of Homebuyer Education Completion or Certificate of Homebuyer Education from a MOHCD approved first-time homebuyer workshop 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 certificate for every adult household member on loan and title to the BMR unit must be included with the BMR application.

Applicants are encouraged to apply for down payment assistance. All MOHCD Participating 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.

See other qualification rules in the City and County of San Francisco Inclusionary Affordable Housing Program Monitoring and Procedures Manual 2013.

Contact Person (Realtor/Sales Agent)

Stephanie Okabe Mates

Sequoia Real Estate

Phone

415-570-9176

Email

stephanie@sequoia-re.com

Website

www.sequoia-re.com

How to Obtain an Application

Contact realtor or download application from MOHCD website by clicking here.

Application deadline

09/17/18, 5pm

Note: Applications must be received in the sales office by 5pm on the day of the application deadline.

Sale Office Hours: 9:30 am-5 pm

Address to which application should be mailed or delivered

Office:  Sequoia Real Estate

Realtor Name: Stephanie Okabe Mates

Address: 3595 Balboa St.

City/State/Zip Code: SF, CA, 94121

Attn: BMR Unit(s)

Applications must be received by the deadline. Post-marks will not be considered.

Lottery Date, Time and Location

PDF icon1695 18th Street, Unit 307- Final Lottery Ranking 09/24/18

Date:  09/24/18

Time: 11am

Location:  Mayor’s Office of Housing and Community Development

                  1 South Van Ness Avenue, 5th Floor

                  San Francisco, CA 94103

Lottery Requirements & Preferences

At least a member of the household member must hold a valid and active San Francisco Business License to authorize art activities at the time of application, and will principally use a portion of the unit for arts activities as required under the Project Use Restrictions.

 

Among qualified artist households:

Households in which one member holds a Certificate of Preference (COP) from the former San Francisco Redevelopment Agency will be given highest preference in the lottery ranking process. More information about the COP Program can be found here: http://sfmohcd.org/certificate-preference.

Households in which one member holds a Displaced Tenant Housing Preference (DTHP) Certificate from the Mayor’s Office of Housing and Community Development will be given second highest preference in the lottery ranking process for up to 20% of the units in projects with at least 5 affordable units. DTHP certificate holders will also be included in the live/work preference regardless of their current live/work location. More information about the DTHP Program can be found here: http://sfmohcd.org/displaced-tenant-housing-preference-program-0.

Households that submit acceptable documentation that at least one member lives or works in San Francisco will be given the third highest preference in the lottery ranking process.

If the number of units available exceeds the number of qualified applicants in the above listed preference, the units will become available to other qualified applicants outside of San Francisco. Applicants in each preference category must meet program requirements in order to complete the sale or rental.

For more information about the lottery process and housing preferences, please refer to the MOHCD Housing Preferences and Lottery Procedures Manual.

Open Houses

09/05/18 @5-7 pm

09/08/18 @ 10am-12 pm

09/09/18 @10 am-12 pm

Special Note(s)

View this unit on the public Multiple Listing Service and on Craig’s List.

Program Information

All potential buyers should review the Grant and Regulatory Agreement that governs this property. Package iconGoodman II Grant and Regulationary Agreement.zip

Re-pricing Mechanism

A BMR unit will be resold at a restricted price to a household that meets the first‐time homebuyer and income qualifications for the program.  Upon resale, the unit will be repriced to remain affordable to the next qualifying household.