701 Minnesota Street, Unit 155

701 Minnesota Street
San Francisco, 94107
Units: 1
Estimated price: $375,046
100% AMI
Available
Available in 2017

Posting Date

September 13, 2017

Program

Below Market Rate Inclusionary Housing Program

(Click here for program information)

Type of Unit

Condominium Unit

Unit Address

701 Minnesota Street, Unit 155, San Francisco, CA 94107

Selling Price

$375,046 

Neighborhood and Map

Dogpatch / Potrero Hill District (Map it!)

Number of Bedrooms

1

Number of Bathrooms

1

Square Footage

845 square feet

Year Built

1993 Condo Converted (original structure 1906 building)

Appliances Included in the Sale of the Unit  

Microwave, Dishwasher

Building Amenities

Interior Courtyard

Parking

1 Reserved Outdoor Space

Monthly Homeowner Dues

$455.98

What the HOA Dues Cover

Water, Garbage, Management, Master Insurance (not unit insurance)

Covenants, Conditions & Restrictions (“CC&R’s”) for the building

A copy of the Covenants, Conditions & Restrictions for this building will be given to the applicant who wins the lottery.  Copy to read will be available at open houses and as requested from sales agent.

Income Level of Applicants

Applicants must make no more than the following amounts per household:

 

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 2017

Household Size

Maximum Income at 100% of AMI

1

$80,700

2

$92,250

3

$103,750

4

$115,300

5

$124,500

 

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

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/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.

  • 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 towards the purchase of a BMR unit.

 

  • Police in the Community Program (PIC) for active members of SFPD.
  • Teacher Next Door Program (TND) for active educators serving the SFUSD.
  • Mortgage Credit Certificate (MCC) Program (can be combined with BMR-DALP for households earning 81% or above of AMI). There is a $675 application fee if applying for MCC.
  • 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)

Robert Elam

Elam Property Management

CA BRE #01871556

Phone

415-250-9816

Email

701minnesota155@gmail.com

Website

Please email 701minnesotat155@gmail.com or see MLS/craigslist add listed below

How to Obtain an Application

Contact realtor or download from MOHCD website by clicking here.

 

Application deadline

Wednesday October 4, 2017, 5pm

Note: Applications must be received in the sales office by 5pm on the day of the application deadline.

Please call, text, or email to confirm drop off time.

Sale Office Hours:  Tuesday- Friday 10am-4pm (mailbox available at door to drop off)

Address to which application should be mailed or delivered

Elam Property Management

Robert Elam

1563 4th Street

San Rafael, CA 94901

Attn: BMR Unit 701 Minnesota 155

Applications must be received by the deadline. Post-marks will not be considered.

For Delivery, Office Hours are:  Tuesday- Friday 10am-4pm (mailbox available at all times in door to drop off if needed outside of business hours)

Please email: 701minnesota155@gmail.com after to confirm delivery

Lottery Date, Time and Location

Thursday October 12, 2017 @ 3pm

Location: Mayor’s Office of Housing and Community Development

1 South Van Ness Avenue, 5th Floor

SF, CA 94103

Lottery preferences

All individuals and households may enter the lottery for a BMR unit.

 

However, those households in which one member holds a Certificate of Preference (COP) from the former San Francisco Redevelopment Agency will be given highest preference in the lottery ranking process. More information about the COP Program can be found here: http://sfmohcd.org/certificate-preference.

 

Households in which one member holds a Displaced Tenant Housing Preference (DTHP) Certificate from the Mayor’s Office of Housing and Community Development will be given second highest preference in the lottery ranking process, for up to 20% of the units in projects with at least 5 affordable units. DTHP certificate holders will also be included in the live/work preference regardless of their current live/work location. More information about the DTHP Program can be found here: http://sfmohcd.org/displaced-tenant-housing-preference-program-0.

 

Households that submit acceptable documentation that at least one member lives or works in San Francisco will be given the third highest preference in the lottery ranking process.

 

If the number of units available exceeds the number of qualified applicants in the above listed preference, the units will become available to other qualified applicants outside of San Francisco. Applicants in each preference category must meet program requirements in order to complete the sale or rental.

 

For more information about the lottery process and housing preferences, please refer to the MOHCD Housing Preferences and Lottery Procedures Manual.

Open Houses

9-21-2017 Thursday 5pm to 7pm

9-30-2017 Saturday 1pm to 3pm

10-01-2017 Sunday 1pm to 3pm

Special Note(s)

View this unit on the public Multiple Listing Service and on Craig’s List.

Procedures Manual

All potential buyers must review the Inclusionary Housing Procedures Manual that governs this property. 

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. Please review Guidelines for Re-pricing BMR Units for specific information.

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Contact Info

Phone: 
(415) 250-9816
Address: 
Elam Property Management - Robert Elam
1563 4th Street
San Rafael, CA, 94901

Neighborhood