New BMR Units - 555 Fulton Street (Fulton 555)

Posting date

November 30, 2015, updated on August 8, 2018

Program

Inclusionary Housing Below Market Rate (BMR) Program

Type of unit

Condo

Name of building

Fulton 555

Unit address (including city/state/zip code)

555 Fulton Street

San Francisco, CA 94102

Neighborhood name

Hayes Valley

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

204

$271,953 (without parking) $395,741 (with Parking)

205, 209, 210, 309, 310

$251,700 (without parking) $372,373 (with parking)

207, 208, 308

$282,685 (without parking) $408,204 (with parking)

222, 231, 322, 331

$245,469 (without parking) $366,141 (with parking)

224, 318, 320

$287,532 (without parking) $398,338 (with parking)

316

$277,665 (without parking) $403,358 (with parking)

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.

Update: The BMR Units are priced based on 2015 AMI Pricing. There will be no change to the Sales Price of the BMR units as listed above. The applicant household whose income exceeds 100% of the 2015 AMI will be considered using the 2018 AMI table below.

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 2018

Household Size

Maximum Income at 100% of AMI

1

 $82,900

2

 $94,700

3

$106,550

4

$118,400

5

$127,850

6

$137,350

7

$146,800

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

Number of bedrooms

9 One-Bedrooms, 8 Two-Bedrooms

Number of bathrooms

One Bedrooms have 1 bathroom; Two Bedrooms have 2 bathrooms

Square footage

Unit 204 – 1,069

Unit 204 – 496

Units 207,208,308 – 701

Units 209,309 – 491

Units 210,310 – 498

Units 222 – 641

Units 224 – 988

Units 231 – 691

Units 316 – 839

Units 318 – 918

Units 320 – 945

Units 322 – 640

Units 331 – 698

Year built

2015

Appliances

Whirlpool Package

Refrigerator, Dishwasher, Wall oven, Cooktop, Range Hood

Amenities

Lounge, Dog Park, Bike Workstation, Rooftop Terrace, Private Meeting Room, 12 Hour/7 Day Lobby Attendant

Parking

9 spaces are available to 9 buyers for the higher sales price noted above and offered in lottery rank order. Parking spaces will be resold with the unit within the maximum resale price.

Monthly homeowner dues

Unit #

HOA w/o parking

HOA w/parking

Unit 204

$586

$593

  Unit 205

$450

$475

Unit 207

$496

$521

Unit 208

$496

$521

Unit 209

$450

$475

Unit 210

$450

$475

Unit 222

$486

$511

Unit 224

$553

$578

Unit 231

$486

$511

Unit 308

$496

$521

Unit 309

$450

$475

Unit 310

$450

$475

Unit 316

$524

$549

Unit 318

$553

$578

Unit 320

$553

$578

Unit 322

$486

$511

Unit 331

$486

$511

What the HOA dues cover

Management, maintenance, property insurance, common area utilities and water for the building.

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

Construction completion has been delayed until November 2018.  

Project Sponsor will begin contacting households in lottery rank order around August 2018, to confirm their intent to buy.

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 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 from a MOHCD approved first-time homebuyer workshop 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 form 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 a MOHCD approved lender and may be eligible for the following programs.

  • BMR Downpayment Assistance Loan Program (BMR DALP): A deferred down payment assistance loan available to qualified households for up to 15% of the purchase price.
  • Teacher Next Door Program (TND): A loan assistance program for active educators serving the SFUSD.
  • Mortgage Credit Certificate (MCC): A certificate that allows first-time homebuyers to claim a tax credit for up to 15% of the annual mortgage interests paid. There is an application fee if applying for MCC.
  • Federal Home Loan Bank’s WISH program provides up to $15,000 in matching funds for down payment assistance.  Please ask your mortgage lender for more information.

All MOHCD Participating Lenders should explore these 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 City and County of San Francisco Inclusionary Affordable Housing Program Monitoring and Procedures Manual 2013.

Contact person (realtor/sales agent)

Jeff Blomstrand

CalBRE License #01433566

Phone

415.519.0775

Email

jeff@fulton555.com

Website

http://fulton555.com/BMR

How to obtain an application

Contact realtor or download from the MOHCD website by clicking here.

Application deadline

January 13, 2016 at 5pm

Note: Applications must be received in paper form the sales office by 5pm on the day of the application deadline. Applications received after the deadline will not be accepted.

Address to which application should be delivered

Fulton 555 Sales Center

504 Birch Street (corner of Birch and Octavia Street)

San Francisco, CA 94102

Attn: BMR Application

Update: Applicants who are being contacted by the sales agent will be required to submit a new BMR Application Package.

Lottery date, time and location

Date: January 20, 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

Saturday, December 12, 2015 12-4pm

Sunday, December 13, 2015 12-4pm

Wednesday, December 16, 2015 3-7pm

Information session(s)

 

Weekday - Date: December 9, 2015

Time: 5:30pm

Location: Mayor’s Office of Housing and Community Development

1 South Van Ness Avenue, 5th Floor

San Francisco, CA 94103

Realtor commission

Are buyers’ realtors eligible for commission on these BMR units? Yes _X_  /  No___

If yes, what percentage of the sales price will be offered to the buyer’s realtor? 2.5%

If yes, how does a BMR buyer “register” his or her realtor in order for the realtor to obtain cooperating broker commission? In the contract agreement.

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 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. 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)

 

Construction completion has been delayed until November 2018.  

Project Sponsor will begin contacting households in lottery rank order around August 2018, to confirm their intent to buy.