New BMR Units: 1688 Pine Street (Rockwell)

Posting date

 

11/9/2015, updated on 2/16/2016

Program

Inclusionary Housing Below Market Rate (BMR) Program

Type of unit

Condo

Name of building

Rockwell

Unit address (including city/state/zip code)

1688 Pine St.

San Francisco, CA 94109

Neighborhood name

Pacific Heights

Area median income for pricing unit

90% of Area Median Income (AMI)

Area median income  for qualifying for unit

100% of Area Median Income (AMI)

Sales price

One-Bedrooms with parking from: $249,640-$261,251

One-bedrooms w/out parking from: $209,640-$221,251

Two-bedrooms with parking from: $280,120-$285,862

Two-bedrooms w/out parking from: $240,120-$245,862

Maximum qualifying income level of applicant households

Maximum household income must not exceed the following amounts by household size:

 

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 2015

A one person household can make no more than $71,350

A two person household can make no more than $81,500

A three person household can make no more than $91,700

A four person household can make no more than $101,900

A five person household can make no more than $110,050

A six person household can make no more than $118,200

A seven person household can make no more than $126,350

(Visit www.sfmohcd.org for larger households.)

 

Note: These units are priced to be affordable to households at 90% of AMI but will allow households earning up to 100% of AMI to qualify for the units per new program rules outlined in the City and County of San Francisco Inclusionary Housing Program Monitoring and Procedures Manual 2013.

 

Number of bedrooms

17- One-bedroom homes and 14 Two-bedroom homes

Number of bathrooms

One- and Two-baths

Square footage (approximate)

Home square footages range from approximately 448 to 1,018 square feet.

Year built

2016

Appliances

See above table under “Section IV Amenities & Appliances”

Amenities

Grand Solarium, Owner’s Club (community room), Fitness Center, Courtyard, Sky Lounge, and Sky Terrace.

Parking

24 parking spaces are available to BMR buyers and will be sold according to lottery rank order.  Parking spaces will be resold with the unit within the maximum resale price.

Monthly homeowner dues

1-Bedroom HOA dues: $561.59-$628.73

1-Bedroom HOA dues w parking: $607.73-$674.87

2-Bedroom HOA dues: $671.73-$704.93

2-Bedroom HOA dues w parking: $717.87-$751.07

What the HOA dues cover

Common area water, trash, insurance, electricity, reserves, use of common amenities, maintenance, HOA management/manager

Date on which BMR unit(s) can be occupied by owner

September 2016

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 and persons 18 years of age and older must complete a first-time homebuyer workshop through one of the City’s 5 approved first-time homebuyer counseling agencies in order to apply.

 

Verification of Homebuyer Education Completion or Certificate of Homebuyer Education from a MOHCD approved first-time homebuyer workshop is required.  Certificate of Homebuyer Education issued before May 1, 2015 is valid for 2 years from the date of issuance. Verification of Homebuyer Education Completion is valid for 1 year from the date of issuance. In the case of buyers receiving down payment assistance from the City, certificates must not be older than 6 months from the time of closing on the unit.

A copy of the mortgage loan pre-approval and verification of homebuyer counseling 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 downpayment assistance through the following programs.

 

 

 

 

 

  • Mortgage Credit Certificate (MCC) Program (cannot be used with BMR DALP but can be combined with BMR-DALP-Plus). There is a $657 application fee if applying MCC together with BMR-DALP-Plus.

 

Federal Home Loan Bank’s WISH program provides up to $15K in matching funds for down payment assistance.  Please ask your mortgage lender. 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)

Robert Devlin/ Polaris Pacific

Phone

415-674-1800

Email

RDevlin@polarispacific.com

Website

www.therockwellsf.com

How to obtain an application

Your first step to participate in the lottery is to schedule and attend a first time homeownership class and one-on-one counseling session. View upcoming workshops: http://homeownershipsf.org/workshops.

The second step is to obtain a loan pre-approval from a MOHCD BMR Participating Lender named here: http://sf-moh.org/index.aspx?page=792

The third step is to schedule an Application Review Appointment at the counseling agency where you completed your Homebuyer Education to review your application and documentation with your counselor, and submit your application.

Applications can be downloaded from www.homeownershipsf.org or www.therockwellsf.com. Contact realtor or download from the MOHCD website by clicking here.

Application deadline

All participants must submit a complete application package, either in paper form or electronic format to their housing counselor by

5:00 pm, Thursday, January 21, 2016

Applications received after the deadline will not be accepted.

Address to which application should be delivered

Complete BMR lottery applications can only be submitted by attending an Application Review Appointment at the counseling agency where you completed your Homebuyer Education. Please contact your housing counseling agency as soon as possible to ensure your application is complete and submitted prior to the designated deadline. The five housing counseling agencies are listed below:

Asian Inc

Main Office

1167 Mission St, San Francisco, CA 94103

(415) 928-5910

http://www.asianinc.org/

 

CCCS of SF

Brian Ware

595 Market 15th Floor, San Francisco, CA 94105

(415) 788-0288 x483

https://www.cccssf.org

 

MEDA

Mario Chavarria

2301 Mission #310, San Francisco CA 94110

(415) 282-3334 x101

http://medasf.org/

 

SF HDC

Tikila McDavid

4439 Third Street, San Francisco, CA 94124

415-822-1022

http://sfhdc.org

 

SF LGBT

Sophie Lewis

1800 Market St., San Francisco, CA 94102

415-865-5655

http://www.sfcenter.org

 

Should you have difficulty signing up for an Application Review Appointment, please contact HomeownershipSF at info@homeownershipsf.org or (415)202-5464.

Lottery results, date, time and location

For lottery results, please click here:

http://therockwellsf.com/wp-content/themes/rockwellsf-v2.5/pdf/Rockwell%20-%20BMR%20Ownership%20-%20Final%20Lottery%20Results.pdf

Date: Friday, January 29, 2016

Time: 2pm

Location: Mayor’s Office of Housing and Community Development

1 South Van Ness Avenue, 5th Floor

San Francisco, CA 94103

Open houses

Wednesday, December 9, 5-7pm

Saturday, December 12, 9-11am

Monday, December 21, 9-11am

 

Location: Rockwell Sales Gallery

1651 Polk St.

San Francisco, CA 94109

 

Information session(s)

 

Date: Wednesday, December 16, 2015

Time: 6:00 – 8:00 pm

Location: Rockwell Sales Gallery

1651 Polk St.

San Francisco, CA 94109

Realtor commission

Are buyers’ realtors eligible for commission on these BMR units? Yes__  /  No_X__

Procedures manual

All potential buyers must review the 2013 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.

Re-pricing mechanism

A BMR unit will be resold at a restricted price to a household that meets the firsttime homebuyer and income qualifications for the program. Upon resale, the unit will be repriced based on the change in median income over time. Appreciation on the unit is not guaranteed; however, most long-term owners tend to see appreciation.  Parking spaces will be resold with the unit within the maximum resale price.  Please review the 2013 Inclusionary Affordable Housing Program Monitoring and Procedures Manual for specific information.

Special note(s)

 

Centered around a gorgeous courtyard, Rockwell’s design weaves two 13-story glass and concrete towers into a pair of chiseled historical façades. Different facets of the building have their own distinct character and individuated design vocabularies. Together, the immaculate, modern residences and artful living spaces offer a rich new standard for stylish city living. Rockwell boasts an exclusive Owners’ Club, secluded screening room amenity-laden rooftop terrace, Sky Lounge, outdoor fireplace, a state-of-the-art fitness center and more. 260 modern residences. Two towers. 13 stories. Stellar views. All the amenities. Live fully, in Pacific Heights.