Posting Date

** Updated 10/12/2022 - The application period started on May 27, 2022 at 8:00 AM PST and remains open as first come, first served.  **

First Come First Servied Posting Date: May 20, 2022

Original Posting Date on DAHLIA: December 17, 2021

Program

Inclusionary Housing Program

Type of Unit

Condominium

Building Name

Valencia 270

Unit Address (including city/state/zip code)

270 Valencia Street, Unit 301

San Francisco, CA 94103

Maximum Asking Price

$499,000

Affordable Price

The affordable price is $375,160 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

Mission

Supervisory District

9

Number of Bedrooms

2

Number of Bathrooms

1

Square Footage

833

Floor Number

3

Year Built

2005

Appliances Included in the Sale of the Unit  

Refrigerator, Gas stove, Microwave, Dishwasher, and Washer & Dryer

Building Amenities

Common roof deck with BBQ, seating, bike parking, Latch smart system, and lobby

Parking Space Count

One (1) Parking Space

Smoking Policy

Smoking is prohibited throughout the community including within the units. Please refer to the CC&R below for details.

Pet Policy

Two pets are allowed per unit. Please refer to the CC&R below for details.

Monthly HOA Dues

$875.53

What the HOA Dues Cover

Management, Maintenance Exterior, Trash, Water

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

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

Income Level of Applicants

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

120% 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)

Gina Tse-Louie

License #01168092

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

Real Estate Revolution

645 Taraval Street

San Francisco, CA 94116

Office Hours (including any special message)

Monday to Friday, 10:00 am to 5:00 pm. 

Weekends, early mornings and evenings by appointment only.

Please call, email, or text to schedule an appointment.

Phone

Office 415-742-5100

Cell Phone 415-271-2178  

Email

Gina@RERevolution.biz

Website

http://www.realestaterevolution.biz/

How to obtain an application:

Contact the Listing Agent, Gina Tse-Louie, or download from MOHCD’s website by clicking here.

Applications:

First Come, First Served

The application period started on May 27, 2022 at 8:00 AM PST and remains open as first come, first served.

How to Submit a First Come, First Served Application

Submit a complete electronic application package via this secure link, 270 Valencia St #301.

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 “270 Valencia #301 – 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.

Lottery Date, Time and Location

** This lottery list has been exhausted.  The application period started on May 27, 2022 at 8:00 AM PST and remains open as first come, first served.  **

To view the lottery results, click here.

To view the Dahlia listing, click here.

Open Houses

Individual showings may be available by appointment only.  Please contact the listing agent, Gina Tse-Louie, for assistance.

Virtual Tour

To view the virtual tour, please click on this link.

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.