241 10th Street

241 10th Street
San Francisco, 94103
Units: 3
Estimated price: $302,456 - $409,001
90 - 100% AMI
Available
Available in 2017

Posting date

 

August 7, 2017

Program

Inclusionary Housing Below Market Rate (BMR) Program

Type of unit

Condo

Name of building

La Maison Soma

Address

241 10th Street, San Francisco, CA 94103

Unit Numbers

3 BMR Units:

201, 206, 305

Number of bedrooms

Unit 206, 305: 1-bedroom

Unit 201:  2-bedrooms

Number of bathrooms

Unit 206, 305:1-bathroom

Unit 201: 2-bathrooms

Square footage

Unit 206: 551 sf; 305: 629 square feet

Unit 201: 937 square feet

Year built

2017

Neighborhood Name

SOMA

Supervisorial District

6

Sales Price

Unit 201: $343,503 without parking, $409,001 with parking

Unit 206: $302,456 without parking, $367,954 with parking

Unit 305: $304,395 without parking, $369,894 with parking

 

Monthly Homeowner Association (HOA) Dues

201: $605.31 without parking, $630.31 with parking

206: $548.64 without parking, $573.64 with parking

305: $537.87 without parking, $562.87 with parking

Parking

1 space available by lottery rank for the higher sales price noted above.

 

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

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)

Maximum Allowable Income Levels

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 2017

Household Size

Maximum Income at 100% of AMI

1

$80,700

2

$92,250

3

$103,750

4

$115,300

5

$124,500

 

 

Appliances

Refrigerator, stove, range, dishwasher, W/D, garbage disposal

Amenities

Common roof deck, open air grill & dining, common garden, bicycle parking

What the HOA dues cover

Common area maintenance, common area utilities, Hazard Insurance for the building, Property Management, Reserves.

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

December 2017

Other qualification notes

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.

 

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 from a MOHCD approved first-time homebuyer workshop is required.  Verification of Homebuyer Education Completion is valid for 1 year from the date of issuance.

A copy of the mortgage loan pre-approval and homebuyer counseling form 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 a MOHCD approved lender and may be eligible for the following programs.

 

 

 

  • Mortgage Credit Certificate (MCC): A mortgage credit to assist first-time homebuyers. There is an 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 for more information.

 

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)

All BMR Application and qualification questions should be directed to one of the five housing counseling agencies listed here: http://homeownershipsf.org/workshops

 

General inquires can be directed to HomeownershipSF at info@homeownershipsf.org or (415) 202-5464.

 

For questions regarding the building, please contact:  Loring Racine BRE 01277494

Phone

415-487-1010

Email

loring@lamaisonsoma.com

Website

www.lamaisonsoma.com

Realtor commission

No Realtor commission offered. The sales agent will act as a dual agent to both the buyers and seller.

 

All BMR Applicants must work with one of the five approved housing counselling agencies named above to submit an application for this BMR opportunity.

How to obtain an application

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 an Application Review Appointment at the counseling agency where you completed your Homebuyer Education to review your application and documentation with your counselor, and submit your application.

Applications can be downloaded from www.homeownershipsf.org, or from the MOHCD website by clicking here.

 

If you need application assistance or information about available housing resources, please refer to the organizations listed in the SF Housing Resource Guide by clicking here.

Address to which application should be mailed or delivered

Complete BMR lottery applications can only be submitted by attending an Application Review Appointment at the counseling agency where you completed your Homebuyer Education. Please contact your housing counseling agency as soon as possible to ensure your application is complete and submitted prior to the designated deadline. The five housing counseling agencies are listed below:

Asian Inc. - http://www.asianinc.org/

Main Office

1167 Mission St, San Francisco, CA 94103

(415) 928-5910

Balance (formerly CCCSSF) - www.balancepro.org

595 Market 15th Floor, San Francisco, CA 94105

(415) 788-0288 x483

 

MEDA -  http://medasf.org/

2301 Mission #310, San Francisco CA 94110

(415) 282-3334 x101

 

SFHDC - http://sfhdc.org

4439 Third Street, San Francisco, CA 94124

415-822-1022

 

SFLGBT - http://www.sfcenter.org

1800 Market St., San Francisco, CA 94102

415-865-5655

Should you have difficulty signing up for an Application Review Appointment, please contact HomeownershipSF at info@homeownershipsf.org or (415)202-5464.

Application Deadline

September 21, 2017 by 5pm

Note: Complete applications must be received at one of the counselling agencies listed above - 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.

Open houses

Open House Dates located at: 241 10th Street, San Francisco 94103

Wednesday, August 23, 5-7:30pm

 

Friday, August 25, 5-7:30pm

 

Sunday, August 27, 10am-1pm

Information session(s)

 

Tuesday, August 22, 2017

Time: 4pm

Location: Mayor’s Office of Housing and Community Development

1 South Van Ness Avenue, 5th Floor

San Francisco, CA 94103

Lottery date, time and location

Date: October 4, 2017

Time: 10am

Location: Mayor’s Office of Housing and Community Development

1 South Van Ness Avenue, 5th Floor

San Francisco, CA 94103

 

Applicants do not need to be present at the lottery. Lottery results will be posted here within one week of the lottery.

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 that submit acceptable documentation that at least one member lives or works in San Francisco will be given the fourth 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.

Special note(s)

 

La Maison puts SoMa and the best of San Francisco at your door. It’s also incredibly connected with neighborhoods like Hayes Valley and The Mission, just a few walkable blocks away. And nearby transit hubs quickly connect you to the rest of the city and greater Bay Area.

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Contact Info

Phone: 
(415) 487-1010

Neighborhood