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BMR "Below Market Rate" update

by sfishome on May 15, 2008

The below is from sfhousing.info@sfgov.org

Before pasting the email…. a “BMR”, a Below Market Rate unit isn’t something I necessarily recommend… you get cheap home ownership, but you have no idea if you’ll get any appreciation in price when you sell. Not that anyone else has that guarantee, but with an unregulated (normal) property you leave it up to the market (ie Buyers) to determine what the real value of your property is when you sell. With BMR’s you leave it up to regulations and the City.

But… if you’re interested in buying a property that is far less than market value… here’s the email from the city:

Update on Currently Posted BMR Units:

-The deadline for 8-18 Colonial Way has been extended. See
http://www.sfgov.org/site/moh_page.asp?id=17815 for more information.

Upcoming BMR Units:

-SOMA Grand will be marketing 29 BMR ownership units within the next
2-3 weeks. It is important to take your first time homebuyer workshop
before you apply. Please see our first time homebuyer page for a list of
approved homebuyer education agencies.
http://www.sfgov.org/site/moh_page.asp?id=47989

-125 Mason St. will be marketing 81 BMR rental units within the next
2-3 weeks (22 one-bedrooms; 34 two bedrooms; 20 three bedrooms; and 5
four bedroom units). It is a good time to begin collecting your 2007 tax
and w-2 forms, your paystubs, and your statements from all cash accounts
in order to apply!

Other Upcoming BMR Units:

BMR Ownership Units

Bayview:
4343 3rd Street, 4343 03rd Street, 94124, Ownership Units: 2
three-bdrms units at 100% median income

Financial District:
74 New Montgomery Street, 94105, Ownership Units: 4 studios, 5
one-bdrms, 2 two-bdrms units at 100% median income

Mission District:
-Mission Mosaica, 18th & Alabama, 94110, Ownership Units: 5 two-bdrm,
16 three-bdrm units at 80%, 100% and 120% median income
-Chelsea Park, 3620 19th Street, 94110, Ownership Units: 2 one-bdrm, 3
two-bdrm units at 100% median income

SOMA:
SOMA Grand, 1160 Mission Street, 94103, Ownership Units: 17 one-bdrm,
10 two-bdrm, 1 three-bdrm unit at 100% median income

Yerba Buena:
410 Jessie Street, 94103, Ownership Units: 2 one-bdrm units at 100%
median income

BMR Rental Units

Hayes Valley:
The Hayes: 55 Page, 94102, Rental Units: 17 units – unknown bdrm sizes
at 60% median income

Pacific Heights:
2000 Post III: 2161 Sutter Street (2000 Post), 94115, Rental Units: 2
studio, 1 one-bdrm unit at 60% median income

SOMA:
8 McLea Court: 8 McLea Court, 94103, Rental Units: 3 studio units at
60% median income

Sunset:
2545 Judah, 94122, Rental Units: 2 two-bdrm units at 60% median income

Tenderloin:
125 Mason 94102, Rental Units: One, two, three and four bdrm units at
60% median income (81 units total)

Yerba Buena:
418-20 Jessie Street, 94103, Rental Units: 1 one-bdrm, 2 two-bdrms at
60% median income

Please call our office at (415) 701-5500 with any questions or visit
http://www.sfgov.org/site/moh_page.asp?id=48003. Thank you.

end of email

If you’re interested in purchasing any of these properties, please contact me, and visit the city site for more information. There are several hurdles you have to go through, and then it’s often a lottery process to win your bid (you can’t try to out-bid anyone – prices are set in stone).

Thanks for Visiting the SFisHOME Blog courtesty of Rob Regan. If you’re ready to Buy or Sell a San Francisco Property start with the best online tools for finding San Francisco properties: Condos, Houses, TIC’s, Income properties, Co-ops, High Rises, 2-Unit Buildings and more:

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Click any image button to get started with your favorite San Francisco home search service, or get your Home’s Value here:
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