New BMR Units - 555 Fulton Street (Fulton 555)

Posting date

 

November 30, 2015   **Updated 5/15/19 – First Come First Serve Applications is now closed.  Applications receipted in on May 13, 2019 at 8am PST (11am EST) will be contacted by 5pm, May 17, 2019**

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

*Unit 207, 208, 308 - $282,685 (without parking) $408,204 (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 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 https://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

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

Three (3) 2-Bedrooms

Number of bathrooms

2 Bedrooms have 2 bathrooms

Square footage

*Units 207, 208 and 308 – 701 sq. ft.

Year built

2019

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

3 spaces are available to buyers for the higher sales price noted above and offered in first come first serve 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

$832

$860

 Unit 205

$610

$638

*Unit 207

$681

$708

*Unit 208

$681

$708

Unit 209

$610

$638

 Unit 210

$610

$638

Unit 222

$665

$692

Unit 224

$793

$821

Unit 231

$681

$708

*Unit 308

$681

$708

Unit 309

$610

$638

Unit 310

$610

$638

Unit 316

$727

$755

Unit 318

$763

$791

Unit 320

$763

$791

Unit 322

$665

$692

Unit 331

$681

$708

 

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 is delayed until March 2020.

 

Other qualification notes

Applicants must secure a mortgage loan Pre-Approval through a MOHCD-Approved Lender who has a “√” checked under BMR.

 

All titleholders/borrowers must complete first-time homebuyer education through one of the five MOHCD-Approved Homebuyer Counseling Agencies in order to apply. Please visit http://homeownershipsf.org/workshops to sign up for homebuyer education workshops. Verification of Homebuyer Education Completion from a MOHCD-Approved 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 form for every adult household member on loan and title to the BMR unit must be included with the BMR 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)

Jeff Blomstrand, CalBRE License #01433566

Diana Qi, CalBRE License #02050700

Phone

Jeff: 415.519.0775 or Diana: 844.533.0555

Email

jeff@fulton555.com

diana@fulton555.com

Website

http://fulton555.com/BMR

How to obtain an application

Contact Sales Team at Fulton 555 or download HERE

How to submit Application for First Come First Serve

Application starts at 8am PST, May 13, 2019. Submit a complete application with all required documents via a ShareFile secure link. 

 

Warning - Any applications submitted prior to 8am PST, May 13, 2019 will be automatically deleted and considered not a valid application for first come first serve process.

 

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).  

 

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

           BMR New Sale

    PO BOX 420847

    San Francisco, CA 94142

 

First Come First Serve

Application Start Date

May 13, 2019, at 8am PST

 

31 Applications receipted in by ShareFile vendor on May 13, 2019 at 8am PST (11am EST)

 

Open houses

Sunday, 4/28, 1pm – 3pm

Monday, 4/29, 5pm – 7pm

 

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 Inclusionary Housing 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 Inclusionary Housing Procedures Manual for specific information.