Posting Date

** Updated 03/02/2022, the lottery list has been exhausted.  The application period started on August 30, 2021 at 8:00 AM PDT and remains open as first come first served. **

Original Posting Date on DAHLIA: 04/13/2021

Initial First Come First Served Posting Date: 8/23/2021

Program

Inclusionary Housing Program

Type of Unit

Condominium

Building Name

Candlestick Point – The Cove, Phase 2

Unit Address (including city/state/zip code)

501 Crescent Way, Unit 5303

San Francisco, CA 94107

Maximum Asking Price

$579,500

Affordable Price

The affordable price is $510,281 for this BMR unit.  The affordable price is based on what a household earning at 120% 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

Bayview Hunters Point

Supervisory District

10

Number of Bedrooms

2

Number of Bathrooms

2

Square Footage

1,166 per tax records

Floor Number

5

Year Built

2007

Appliances Included in the Sale of the Unit  

Stove, Dishwasher

Building Amenities

BBQ Area, Gym

Parking Space Count

1

Smoking Policy

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

Pet Policy

No more than 1 household pet of no more than 20 pounds may be kept within the unit.  Please see the CC&R for the complete pet policy.

Monthly HOA Dues

$708

What the HOA Dues Cover

Water, Garbage, Ext Building Maintenance, Grounds Maintenance, Outside Management, Security Service

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

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 2020

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

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)

Robert Belli

License# 01913570

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

Compass

2099 Market Street

San Francisco, CA 94114

Office Hours (including any special message)

Monday to Friday 10:00 AM to 5:00 PM

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

Phone

(415) 317-8540

Email

Rob.belli@compass.com

How to Obtain an Application

Contact realtor or download from MOHCD website by clicking here.

Applications:

First Come, First Served

The application period started on August 30, 2021 at 8:00 AM PDT 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 ShareFile secure link, 501 Crescent Way Unit 5303.

Instructions: Compile the application form and all required documents into one PDF file, and name the PDF file “501 Crescent #5303 – 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

**  Lottery List has been exhausted.  The application period started on August 30, 2021 at 8:00 AM PDT 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, Rob Belli, 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 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.