236-238 Shipley Street

236-238 Shipley Street
San Francisco, 94107
Units: 1
Estimated price: $335,133
90 - 100% AMI
Available
Available in 2017

Posting date

 

September 6, 2016  updated 4/6/2017

Program

Inclusionary Housing Below Market Rate (BMR) Program

Type of unit

Condo

Name of building

Shipley House

Unit address (including city/state/zip code)

236-238 Shipley Street and 77 Falmouth Street, San Francisco, CA, 94107

Neighborhood name

SOMA

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

$335,133

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 2016

A one person household can make no more than $75,400

A two person household can make no more than $86,150

A three person household can make no more than $96,950

A four person household can make no more than $107,700

A five person household can make no more than $116,300

A six person household can make no more than $124,950

A seven person household can make no more than $133,550

(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

2

Number of bathrooms

1

Square footage

514 square feet

Year built

2016

Appliances

Frigidaire Dishwasher, Microwave, Refrigerator/Freezer – Stainless Steel

Amenities

Common Roof Deck and BBQ Area

Parking

There is no parking available at this building. Includes one bike parking space per unit and an additional storage locker.

Monthly homeowner dues

$482.96

What the HOA dues cover

Water (common area), Garbage, Building Insurance

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

January 2017

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 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.

 

 

 

  • 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)

Rebecca Stack

Phone

(415) 875-7451

Email

Rebecca@vanguardsf.com

Website

www.shipleyhousesf.com

How to obtain an application

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

Application deadline

5pm, April 14, 2017

Applications are being accepted first come, first served.

 

Note: Complete applications must be received in paper form at 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

Vanguard Properties

Attn: Rebecca Stack (BMR)

2501 Mission Street

SF, CA 94110

Office hours: Monday – Friday 9-6pm

Lottery date, time and location

The lottery list has been exhausted for households that qualify for the remaining 2-bedroom unit. Applications are now being accepted on a first come, first serve basis.

 

Date: November 1, 2016 (lottery has passed)

Time: 4pm

Location: Mayor’s Office of Housing and Community Development

1 South Van Ness Avenue, 5th Floor

San Francisco, CA 94103

Open houses

Sunday, April 9, 2017, 12 – 1pm

Wednesday, April 12, 2017, 2:30 – 4:30pm

Information session(s)

 

Not applicable

Realtor commission

Buyers’ realtors eligible for 2.5% commission on these BMR units. The Realtor must be with their client the first time they view the property

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 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 2013 Inclusionary Affordable Housing Program Monitoring and Procedures Manual for specific information.

 

Special note(s)

 

Fantastic Luxury Condominiums in the Heart of SOMA!

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Contact Info

Phone: 
(415) 875-7451
Address: 
Vanguard Properties: Rebecca Stack
2501 Mission Street
San Francisco, CA, 94110

Neighborhood