BELOW MARKET RATE CONDOMINIUMS
Three new condominiums are now available for sale under the San Francisco Redevelopment Agency’s Affordable Homeownership Program. The other 25 units are market rate units with some currently available for purchase, some under contract, some yet-to-be-sold.

Units available under the Affordable Homeownership Program:

The Program is restricted to those people who meet a number of requirements.

• First time home buyer: Purchaser cannot have owned a home in the past three years.
• Income Eligibility: Current household income cannot be more than the percentage of Area Median Income specified for the home.
• Down payment: Homebuyer must make a down payment of at least 5% of purchase price (2% or more can be in the form of a gift, but at least 3% must be from the buyers funds).
• Program Restrictions: Homebuyers must read and sign all Agency Affordable Homeownership Program documents, which outline the occupancy and resale restrictions of the program.
• Mortgage: Homebuyers must be able to qualify for and obtain a first mortgage. The Agency allows only 30-year, fixed rate mortgages
• Personal Income: The maximum income for each household is as follows: The income limits reflect 2008 Maximum Income By Household Size, as published by HUD.

Units purchased through the Program must be sold at affordable rates at resale. Buyers will have to obtain a mortgage acceptable to the San Francisco Redevelopment Agency.

1521 Sutter BMR Information Packet
1521 Sutter BMR Application Packet

Applications are available at either of two Pacific Union offices:
Pacific Union Commercial Brokerage
601 California St., 2nd Floor
San Francisco, CA 94108

Pacific Union Residential Brokerage
601 Van Ness Ave.
San Francisco, CA 94109

Completed applications must be received or postmarked no later than March 16, 2009. Applications will be opened and reviewed on receipt. Applications will be selected using a lottery process from the completed applications received. The Lottery will be held March 27, 2009. Those persons who are chosen in the Lottery will be entitled to proceed with a purchase agreement and apply for a loan.

First preference will be given to San Francisco Redevelopment Agency Certificate of Preference holders* from the Western Addition, Second preference will be given to certificate holders from Bay view Hunter’s Point and Third preference will be given to San Francisco residents.

*Certificate of Preference holders are primarily households displaced by Agency action in Redevelopment Project Areas during the 1960’s and 1970's, but may also include other persons displaced by Agency action. San Francisco Redevelopment Agency: www.sfraaffordablehousing.org

Potential applicants are encouraged to attend an informational seminar which will be held at:
Japanese Cultural and Community Center of Northern California (JCCCNC).
1840 Sutter Street, San Francisco, CA 94115
Date: February 18, 2008 Time: 7:00 PM

First Unitarian Universalist Church and Center
1187 Franklin Street
San Francisco, CA 94109
Date: February 28, 2009 Time: 10:00 AM

Open Houses will be held at 1521 Sutter Street on:
February 14, 2008 10:00 AM -1:00 PM
February 28, 2008 1:00 PM – 3:00 PM

Equal Housing Opportunity
For more information please call (415) 834.3558
Or visit: www.sfraaffordablehousing.org/forsale.html