Posting Date

** Updated 10/24/2022, the lottery list has been exhausted.  Applications are being accepted on a first come, first served basis starting on October 31, 2022, at 8:00 AM PST.  Any applications uploaded before 8:00 AM PST on 10/31/2022 will be automatically deleted. **

Initial Posting Date on Dahlia: July 12, 2022

Program

Inclusionary Housing Program

Type of Unit

Condominium

Building Name

199 New Montgomery

Unit Address (including city/state/zip code)

199 New Montgomery Street, Unit 408

San Francisco, CA 94105

Maximum Asking Price

 $428,263

Affordable Price

The affordable price is $371,789 for this BMR unit.  The affordable price is based on what a household earning at 100% of Area Median Income can afford according to certain pricing assumptions.

Applicants can make an offer between the maximum sales price and the affordable price. The seller is free to accept or reject the price offered by the buyer.  Some sellers may not negotiate at all.  

We recommend that the buyer work with their own separate real estate agent for the price negotiations.

If you pay more than the affordable price, you will not be eligible for the BMR DALP program. If you pay more than the affordable price now, you might not be able to sell for more than the affordable price as calculated when you sell.

Neighborhood

Financial District / South Beach

Supervisory District

6

Number of Bedrooms

1

Number of Bathrooms

1

Square Footage

872

Floor Number

4^th

Year Built

2004

Appliances Included in the Sale of the Unit 

Dishwasher, stove/oven, microwave, refrigerator, washer, and dryer.

Building Amenities

Roof top with BBQ, 24 hours security and concierge

Parking Space Count

No Parking Space

Smoking Policy

No smoking.  Please see the CC&R for the complete smoking policy.

Pet Policy

Household pets allowed, please see the CC&R for the complete pet policy.

Monthly HOA Dues

$627

What the HOA Dues Cover

Water, security, concierge, garbage

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

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

CC&R

Income Level of Applicants

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

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

(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.

Other Qualification Notes

All titleholders/borrowers 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. 

All titleholders/borrowers 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-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)

Ming Tjong

License # 02114437

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

Coldwell Banker

1390 Noriega Street

San Francisco, CA94122

Office Hours (including any special message)

Monday to Friday

10:00 am to 5:00 pm

Phone

(415) 828-2341

Email

Ming.tjong@cbrealty.com

How to obtain an application:

Contact the Listing Agent, Ming Tjong, or download from MOHCD’s website by clicking here.

Applications:

First Come, First Served

The lottery list has been exhausted.  Applications are being accepted on a first come, first served basis starting on October 31, 2022, at 8:00 AM PST.  Any applications uploaded before 8:00 AM PST on 10/31/2022 will be automatically deleted.

Lottery Date, Time and Location

** The lottery list has been exhausted.  Applications are being accepted on a first come, first served basis starting on October 31, 2022, at 8:00 AM PST.  Any applications uploaded before 8:00 AM PST on 10/31/2022 will be automatically deleted. **

To view the lottery results, click here.

To view the Dahlia listing, click here.

How to Submit a First Come, First Served Application

Submit a complete electronic application package via this secure link, 199 New Montgomery St Unit 408.

Instructions:

1. Create or log into your account with Box.
2. Compile the application form and all required documents into one PDF file, and name the PDF file “199 New Montgomery # 408 – 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.

Open Houses

Individual viewings are available by appointment only.  Please contact Ming Tjong at 415-828-2341, ming.tjong@cbrealty.com or Budi Hartono at 510-579-8316, budi.hartono@cbrealty.com

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 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.