“Affordable” condos in San Francisco?
San Francisco’s Inclusionary Housing Below Market Rate (BMR) Ownership Program requires residential developments with 10 or more units to avoid hefty fees by providing 12% of their units on-site or 20% of their units off-site as affordable to low- to moderate-income households.
According to the Mayor’s Office of Housing & Community Development, this program is meant to “maintain income and cultural diversity”, but critics of the program suggest it actually subsidizes upper-middle-class homebuyers while pushing lower-to-middle-income people out. Either way, the BMR units on the market now are 60–70% below the average prices we see in San Francisco.
Qualification Short List
You must be a first-time homebuyer.
You cannot make more than 90% AMI (area median income) — that’s $64,200 for a single person and $73,350 for two people.
You must occupy the unit for at least 10 months of the year.
You must obtain a loan pre-approval from an approved BMR lender and submit this pre-approval with your application.
Read the rest of the requirements here.
The lengthy application process coupled with a fiercely competitive lottery for scant inventory make it almost impossible to score a BMR condo. It’s also rare that a BMR condo comes back on the market after it’s been sold.
How do I start?
Apply online and follow this 79-page manual for all the gritty details.
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