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Multilingual Services

Posting date

March 3, 2014, updated 04/25/14

Program

Inclusionary Housing Below Market Rate (BMR) Program

Type of unit

Condo

Name of building

616 20th Street

Unit address (including city/state/zip code)

616 20th Street, San Francisco, CA 94107

Neighborhood name

Dogpatch

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 Bedroom Home - $223,988 w/out parking and $253,988 with one car parking

Two Bedroom Home - $264,207 w/out parking and $294,207 with one car 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 2014 

A one person household can make no more than $67,950

A two person household can make no more than $77,700

A three person household can make no more than $87,400

A four person household can make no more than $97,100

A five person household can make no more than $104,850

A six person household can make no more than $112,650

A seven person household can make no more than $120,400

(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

One and Two bedrooms

Number of bathrooms

One Bathroom

Square footage

Approximately 770 Square Feet

Year built

2014

Appliances

New refrigerator, oven, dishwasher, cooktop

Amenities

Roof Deck, Elevator

Parking

Parking ratio is .625 to 1.  1 space will be available to 1 of the 2 BMR buyers on an optional first come, first served basis.  Parking spaces will be resold with the unit in the future within the maximum resale price.

Monthly homeowner dues

Monthly assessments range from $442.47

What the HOA dues cover

Trash, water, sewer, common area maintenance, management company, building insurance, reserve funds for future maintenance.

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

July 1, 2014

Other qualification notes

Applicants must secure a loan preapproval and a final loan through a MOHCD Participating Lender

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 homeownershipsf.org for a schedule of upcoming classes.  Please note that classes can fill up and applicants are encouraged to sign up as soon as possible. Certificate is valid for 2 years from the date of issuance for all MOHCD first-time homebuyer programs except in the case of buyers receiving downpayment assistance from the City, whose certificates must not be older than 6 months from the time of closing on the unit.

Applicants are encouraged to apply for downpayment assistance through the following 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
  • Federal Home Loan Bank’s WISH program provides up to $15K in matching funds for downpayment assistance

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)

Garrett Frakes

Phone

415.431.6160

Email

live@61620thstreet,com

Website

www.61620thstreet.com

How to obtain an application

Download an application at the blancsf.com website, call sales office or download from the MOHCD website by clicking here.

Application deadline

April 17, 2014, 5pm

Note: Applications must be received in paper form at the Polaris Pacific 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

Polaris Pacific

Garrett Frakes

850 7th Street

San Francisco, CA 94107

Attn: BMR Units for 616 20th

Lottery date, time and location

Date: April 24, 2014

Time: 2pm

Location: Mayor’s Office of Housing

1 South Van Ness Avenue, 5th Floor

San Francisco, CA 94103

 

 Lottery Results

TICKET NO.  -  LOTTERY RANK
312263          -         1
312237          -         2
312234          -         3
312223          -         4
312247          -         5
312245          -         6
312219          -         7
312218          -         8
312249          -         9
312243          -        10
312246          -        11
312252          -        12
312274          -        13
312225          -        14
312239          -        15
312278          -        16
312270          -        17
312230          -        18
312267          -        19
312235          -        20
312265          -        21
312232          -        22
312275          -        23
312251          -        24
312261          -        25
312241          -        26
312207          -        27
312233          -        28
312250          -        29
312226          -        30
312259          -        31
312238          -        32
312272          -        33
312214          -        34
312264          -        35
312254          -        36
312236          -        37
312255          -        38
312222          -        39
312256          -        40
312209          -        41
312268          -        42
312242          -        43
312276          -        44
312269          -        45
312229          -        46
312277          -        47
312266         -        48
312273         -        49
312227         -        50
312248         -        51
312271         -        52
312253         -        53
312228         -        54
312240         -        55
312220         -        56
312244         -        57
312217         -        58
312224         -        59
312257         -        60
312208         -        61
312221         -        62
312260         -        63
312262         -        64
312258         -        65

Please allow 15 business days for application review.  Thank you.

Open houses

March 10th from 5pm to 7pm

March 18th from 5pm – 7pm

March 15th from 10am – noon

March 23rd from 10am - noon

616 20th Street Sales Office at 616 20th Street for all Open Houses

Information session(s)

n/a

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? Broker must accompany prospective purchaser on the first prospects first visit to the property.  Registration will occur at that time by filling out a registration card. 

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 another firsttime homebuyer household who meets the income qualifications and other qualifications for the program.  Upon resale, the unit will be re-priced 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.  Please review the City and County of San Francisco Inclusionary Affordable Housing Program Monitoring and Procedures Manual 2013 for specific information.

 

Term of Restriction on Unit(s)

Life of Project

Special note(s)

New Construction.

BMR Unit #

Bedroom Count

Bath Count

Square Feet

Floor

Final Monthly HOA Amount without Parking

Final Monthly HOA Amount with Parking

Parking Space #

Price w/o parking

Price w/one parking space

210

1

1

770

2

$442.47

$442.47

TBD

$223,988

$253,988

310

2

1

770

3

$442.47

$442.47

TBD

$264,207

$294,207

Last updated: 5/14/2014 12:40:15 PM