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New BMR Units: 2200 Market Street The Century

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Posting date

 May 15, 2014

Program

Inclusionary Housing Below Market Rate (BMR) Program

Type of unit

Condo

Name of building

2200 Market Street aka (The Century)

Unit address (including city/state/zip code)

2200 Market Street, San Francisco, CA, 94114

Neighborhood name

Upper Market

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 204: $227,198 

Unit 206: $266,987

Unit 306: $266,987

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

Unit 204: one bedroom

Unit 206: two bedroom

Unit 306: two bedroom

Number of bathrooms

Unit 204: 1.5 bath

Unit 206: 2 bath

Unit 306: 2 bath

Square footage

Unit 204: 849SqFt

Unit 206: 873SqFt

Unit 306: 873SqFt

Year built

2014

Appliances

Refrigerator, Stove, Microwave, Dishwasher

Amenities

Roof Deck

Parking

N/A

Monthly homeowner dues

Unit 204: $444

Unit 206: $447

Unit 306: $447

What the HOA dues cover

Water, Garbage, Property Management

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

February 14th 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.  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 down payment 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) made possible by HCD CalHome Program for households earning 80% AMI or less of the State Income Limits.
  • BMR-DALP-Plus for qualified households earning 81% AMI - 100% AMI.  (Lenders please use standard DALP program application and submit with fee).  (Can be combined with BMR-DALP-Plus).
  • Teacher Next Door Program (TND) for active teachers serving the SFUSD with teaching credential.
  • Police in the Community Program (PIC) for active members of SFPD.
  • Mortgage Credit Certificate (MCC) Program (cannot be used with BMR DALP).
  • Federal Home Loan Bank’s WISH program provides up to $15K in matching funds for down payment assistance.  Please ask your mortgage lender.

 

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)

Mike Stack

Phone

(415) 321-7020

Email

mikestack@vanguardsf.com

Website

www.thecenturysf.com

How to obtain an application

Contact Mike Stack at mikestack@vanguardsf.com

You may download from the MOHCD website by clicking here.

Application deadline

June 30, 2014 at 5:00PM

Note: Applications must be received in paper form by 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

Vangaurd Properties

Realtor Name: Mike Stack

Address: 2501 mission Street, San Francisco, CA, 94110

City/State/Zip code

Attn: BMR Program Application

Lottery date, time and location

Date: July 8, 2014

Time: 2:00PM

Location: Mayor’s Office of Housing and Community Development

1 South Van Ness Avenue, 5th Floor

San Francisco, CA 94103

 Lottery Results

Please click link for: Final Lottery Results  (PDF)

Open houses

 June 11th from 5-6pm and June 14th from 2-4pm

Information session(s)

June 9th at 6pm

Vanguard Properties 2501 Mission Street, San Francisco, CA 94110

Realtor commission

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

2.5% Realtor must view the property with his client.

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 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.  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

Last updated: 7/9/2014 3:41:08 PM