855 Folsom Street

855 Folsom Street Unit 542
San Francisco, CA, 94107
Units: 1
Estimated price: $499,988
90 - 100% AMI
Available
Available in 2018

Selling Price

$499,988

Neighborhood and Map

SOMA (MapIt!)

Number of Bedrooms

2

Number of Bathrooms

1

Square Footage

753

Year Built

2001

Appliances Included in the Sale of the Unit 

Washer Dryer, Dishwasher, Microwave

Building Amenities

HOA, Front Desk, Engineers

Parking

NO PARKING

Monthly Homeowner Dues

$487.52 per month

What the HOA Dues Cover

HOA, Front Desk, Engineers, Common Areas

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

To review the Covenants, Conditions & Restrictions for this building, please click here:  (CC&Rs)

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

6

$133,750

7

$142,950

 

(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.  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 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.

 

 

  • 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 Broermann

Phone

415-377-3432

Email

mike@GroupMB.com

Website

www.GroupMB.com

How to Obtain an Application

Contact realtor or download from MOHCD website by clicking here.

Application deadline has past.

First Come, First Serve

4/12/2018 by 5pm - (has past)

First Come, First Serve applications will be accepted begining Monday 4/30/2018 at 8am PST via secure email link: click here

Upload a complete package as one PDF file via the secure link  click here

Applications Accepted First Come, First Serve:

 

Upload a complete package as one PDF file via the secure link  click here

 

First Come, First Serve

**Lottery didn't occur due to lack of applicants - applications are being accepted first come, first serve begining Monday 4/30/2018**

Upload a complete package as one PDF file via the secure link  click here

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

** Please contact Mike Broermann the sales agent to arrange a showing **

Open Houses will be held every Sunday from 2-4 pm  (Except June 3rd -14th)

Open Houses will be held every Wednesday from 12:30-1pm

 

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) 377-3432
Email: 
Address: 
Mike BroermannSan Francisco, CA

Neighborhood