New BMR Units: 72 Townsend Street

Posting date

 

January 28, 2016, updated on April 6, 2016

Program

Limited Equity Homeownership Program

 

Type of unit

Condo

Name of building

72 Townsend

 

Special note: This project was initially approved by the Office of Community Investment and Infrastructure (OCII) and transferred to the Mayor’s Office of Housing and Community Development for oversight.

Unit address (including city/state/zip code)

72 Townsend

San Francisco, CA 94107

 

Neighborhood name

South Beach

Area median income for pricing unit

95% of Area Median Income (AMI)

Area median income  for qualifying for unit

100% of Area Median Income (AMI)

Sales price

 

BMR Unit #

Bedroom Count

Bath Count

Square Feet

Floor

Final Monthly HOA Amount

Price w/one parking space

3C

1

1.5

815

3

$753.89

$177,732

4K

2

1

1,185

4

$857.07

$248,563

5N

1

1.5

1,008

5

$804.91

$169,298

6B

2

2

1,256

6

$853.40

$249,169

6D

2

2

1,173

6

$849.95

$249,740

7K

2

2

1,185

7

$857.07

$248,563

8A

1

1

807

8

$756.42

$177,314

 

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.)

Number of bedrooms

1-2

Number of bathrooms

1-2

Square footage

772-1219

Year built

 2016

Appliances

Whirlpool

Amenities

Lobby, Hospitality Lounge, Sky Terrace

Parking

One parking space is included in sales price.

Parking spaces will be resold with the unit within the maximum resale price.

Monthly homeowner dues

See above.  HOA dues are based on square footage of unit.

 

What the HOA dues cover

Lobby, 40 hour a week lobby attendant, insurance of building, Hospitality Lounge,  Sky Terrace, water, sewer, garbage, window washing, common area maintenance, reserve account

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

5/24/16 or sooner.

Lottery Preferences

In accordance with the Developer’s Marketing and Operating Obligations, the following lottery priorities will apply to this Redevelopment Project:

  1. Certificate of Preference Holders
  2. Ellis Act Housing Preference Holders
  3. San Francisco Residents
  4. Members of the general public

Please review the BMR Application for a detailed description of each preference.

Other qualification notes

This project was formerly managed under the San Francisco Redevelopment Agency Limited Equity Program (LEP) and subject to the asset test below. Qualified retirement accounts (such as IRA, 401K, 403B) will not be counted toward an applicant’s income unless a portion is being used toward the down payment. The first $15,000 of household assets is excused; 10% of all assets between $15,001 and $100,000 will be added to the total household income; and 35% of assets above $100,001 will be added to the total household income

 

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 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 homebuyer counseling certificate 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. Please speak with your approved lender about their ability to lend using these programs.

 

  • BMR Down Payment Assistance Program (BMR DALP)
  • Teacher Next Door Program (TND)
  • Police in the Community Program (PIC)
  • Mortgage Credit Certificate (MCC) Program (cannot be used with BMR DALP)
  • The State of CA also provides 3% of sales price through the CalHFA CHDAP program
  • San Francisco Federal Home Loan Bank’s WISH program provides up to $15K in matching funds for down payment assistance grant

 

All MOHCD Approved BMR 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 Limited Equity Program Loan Disclosure Information.

Contact person (realtor/sales agent)

Debi Amaral

Phone

925-570-9953

Email

damaral@kbhome.com

Website

http://www.kbhome.com/72townsend

How to obtain an application

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

Application deadline

Monday, March 14th, 2016, 5pm

 

Note: Complete applications must be received at one of the Counselling Agency Clinics by 5pm on the day of the application deadline.  Applications received after the deadline will not be accepted.

All applications for this project must be certified and submitted through a housing counseling agency, otherwise your application may be deemed ineligible for the lottery.

 

Address to which application should be delivered

Your first step to participate in the lottery is to schedule and attend a first-time homebuyer workshop and one-on-one counselling session. Please click  here to 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://sfmohcd.org/mochd-authorized-lender-list

The third step is to schedule and attend a 72 Townsend BMR Application Appointment with your counseling agency to submit your application. 

If you have already completed steps one and two, please contact the housing counseling agency that issued your homebuyer education certificate to reserve your 72 Townsend BMR Application Appointment.

Asian Inc

Contact: Main Office

1167 Mission St, San Francisco, CA 94103

415- 928-5910

http://www.asianinc.org/

 

CCCS of SF

Contact: Brian Ware

595 Market 15th Floor, San Francisco, CA 94105

415- 788-0288 x483

https://www.cccssf.org

 

MEDA

Contact: Mario Chavarria

2301 Mission #310, San Francisco CA 94110

415- 282-3334 x101

http://medasf.org/

 

SF HDC

Contact: Tikila McDavid

4439 Third Street, San Francisco, CA 94124

415-822-1022

http://sfhdc.org

 

SF LGBT

Contact: Sophie Lewis

1800 Market St., San Francisco, CA 94102

415-865-5655

http://www.sfcenter.org

 

Lottery Results, date, time and location

Lottery Ticket Number LOTTERY RANK
462357 1A
462427 1B
462342 2
462371 3
462410 4
462569 5
462333 6
462496 7
462353 8
462311 9
462537 10
462604 11
462546 12
462451 13
462436 14
462526 15
462598 16
462316 17
462335 18
462566 19
462295 20
462460 21
462407 22
462334 23
462375 24
462422 25
462574 26
462573 27
462294 28
462359 29
462406 30
462597 31
462570 32
462488 33
462280 34
462587 35
462403 36
462412 37
462485 38
462575 39
462482 40
462505 41
462530 42
462303 43
462454 44
462452 45
462501 46
462552 47
462518 48
462365 49
462594 50
462372 51
462556 52
462504 53
462299 54
462466 55
462320 56
462565 57
462404 58
462599 59
462401 60
462486 61
462331 62
462439 63
462307 64
462576 65
462595 66
462588 67
462308 68
462360 69
462511 70

*Although 304 applications were received, only 70 lottery tickets were pulled

Tuesday, March 22nd, 2016

Time: 3pm

Location: Mayor’s Office of Housing

1 South Van Ness Avenue, 5th Floor

San Francisco, CA 94103

Open houses

Saturday, Feb. 6th 10am-12pm  

Friday, Feb. 12th 11:30am-1:30pm

Sunday, Feb. 14th 10am-12pm

72 Townsend St. Unit #303

San Francisco, CA 94107

Information session(s)

 

Thursday, Feb. 11th 5pm-6:30pm

Location:  

72 Townsend Sales Centre

72 Townsend St.

San Francisco, CA 94107

Realtor commission

Are buyers’ realtors eligible for commission on these BMR units? No

Procedures manual

All potential buyers must review the Limited Equity Program Loan Disclosure Information that governs this property. 

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. Please review Limited Equity Program Loan Disclosure Information for specific information.

Special note(s)

 

Amazing South Beach location two blocks from AT & T Park, parking included and beautiful sky terrace with views of the Bay.