BMR Resale - 81 Lansing Street, Unit 305

Posting Date

11-19-2018 **Updated 01/08/19** UPDATED 5/9/19 Lottery list has been exhausted.  Applications are being accepted on a first come, first served basis starting 5/17/2019 at 8:00 AM PST.

Program

Below Market Rate Inclusionary Housing Program

(Click here for program information)

Type of Unit

Condominium Unit

Unit Address (including city/state/zip code)

81 Lansing Street, Unit 305

San Francisco CA 94105

Maximum Asking Price

$429,816

 

This is the maximum price for which this seller can list the unit. A buyer’s ability to afford this maximum asking price depends on the buyer’s individual financial situation.

Affordable Price

$342,345

 

This price is affordable to a household earning no more than 100% of Area Median income based on certain pricing assumptions. After the lottery, the seller and qualifying buyer may negotiate a final sales price between the maximum asking price and affordable price.

Neighborhood and Map

South Beach (Map it!)

Number of Bedrooms

1

Number of Bathrooms

1

Square Footage

900  Sq. Ft.

Year Built

1995

Appliances Included in the Sale of the Unit  

Stove, Refrigerator, Dishwasher, Washer and Dryer

Building Amenities

Garden/Greenbelt  Area

Parking

1

Monthly HOA Dues

$715.35

What the HOA Dues Cover

Water and garbage for the individual unit and common areas, Exterior Building Maintenance

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

 A copy of the Covenants, Conditions & Restrictions for this building will be given to the applicant who wins this lottery.

Income Level of Applicants

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 2019

Household Size

Maximum Income at 100% of AMI

1

$86,200

2

$98,500

3

$110,850

4

$123,150

5

$133,000

6

$142,850

7

$152,700

(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 counseling agency 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 verification for every adult household member on loan and title to the BMR unit must be included with the BMR lottery 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 Inclusionary Affordable Housing Program Monitoring and Procedures Manual 2018.  

Contact Person (Realtor/Sales Agent)

Robert Belli

Phone

415-317-8540

Email

rob@hquestrealty.com

Website

www.hqrealtysf.com

How to Obtain an Application

Contact realtor or download from MOHCD website by clicking here

 

Application – First Come, First Served

Lottery List has been exhausted.  Applications are being accepted on a first come, first served basis starting 5/17/2019 at 8:00 AM PST.  Any applications submitted prior to 8:00 AM PST, 5/17/2019 will be automatically deleted.

How to Submit an Application

Submit an electronic application via a ShareFile secure link 81 Lansing Unit 305

 

Instructions: Compile the application form and all required documents into one PDF file, and name the PDF file “BMR Address – Last Name, First Name” (Example, 123 Sample Street Unit A – Smith, John). A complete application must be uploaded and submitted to MOHCD by the application deadline, 5pm PST.

 

If you do not have internet access or are unable to submit electronically, you may submit a paper application by US Mail to:

         

    BMR Resale

    PO BOX 420847

    San Francisco, CA 94142

Lottery Date, Time and Location

** This lottery list has been exhausted.  Applications are being accepted on a first come, first served basis starting 5/17/2019 at 8:00 AM PST**

 

Date: January 8, 2019

Time: 11am

Location:

Mayor’s Office of Housing and Community Development

1 South Van Ness Avenue, 5th Floor

San Francisco, CA 94103

Lottery preferences

All individuals and households may enter the lottery for a BMR unit.

 

However, the following lottery preferences will apply:

 

  1. Certificate of Preference Holders. More information about the COP Program can be found here: http://sfmohcd.org/certificate-preference.
  2. Displaced Tenant Housing Preference (DTHP) Holders. More information about the DTHP Program can be found here: http://sfmohcd.org/displaced-tenant-housing-preference-program-0
  3. Applicants who live or work in San Francisco. Households that submit acceptable documentation that at least one member lives in San Francisco or works at least 75% of working hours in San Francisco will be given this preference.  
  4. Members of the general public.

 

Applicants in each preference category must meet program requirements in order to complete the sale.

 

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

Open Houses

05-13-2019 @ 5-7pm

11-28-2018 @ 5-7pm

12-2-2018 @ 1-4pm

12-9-2018 @ 1-4pm

Special Note(s)

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

Procedures Manual

All potential buyers must review the Inclusionary Housing Procedures Manual that governs this property. 

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 based on the change in median income over time. Please review Guidelines for Re-pricing BMR Units for specific information.