Mid-Market wasn’t first on most must-live wish lists a few years back. With the recent renaissance in the area—as tech giants, such as Twitter, have been feathering their nests in the neighborhood–the commuter-friendly locale is now in high demand. That’s why it‘s good news that a site at Mission and 10th streets is prepping to accept below-market rate (BMR) ownership and rental applications soon, with plans for a July 2015 move in. Now there’s something deserving of a tweet.
With MEDA having positioned a number of clients to be ready to jump on such offers, there are likely to be up to 100 applicants just from the nonprofit’s Housing Opportunities program pool. Applications will be accepted only online via the Mayor’s Office of Housing and Community Development’s DAHLIA system, expected to go live in April. Winners are chosen at random in a lottery system, with city officials drawing numbers from a box at a public event.
“1400 Mission will be priced as determined by the Mayor’s Office of Housing and Community Development to be affordable for households earning 90 percent of Area Median Income (AMI), but homebuyers who earn up to 100 percent of AMI may qualify. The BMR program allows a minimum five percent down payment. Even our clients with under 90 percent AMI may qualify for the mortgage, with a larger down payment of 10 to 15 percent,” explains MEDA Homeownership Coach Juan Diego Castro of the process.
Castro and colleague Diana Mayorga donned hard hats last Tuesday to tour the new building, with other HomeownershipSF members, checking out the almost completed project. Maracor Development Inc. is the Development Manager and 1400 Mission Acquisition LP, a partnership that includes Tishman Speyer, is the owner.
These units will come on the market within the next 60 days, so stay tuned for details.
While the majority of units will be for sale, there will be a handful of rentals, with rates deeded for 20 years. (Rents can be raised to market rate after two decades.)
Even though this building is set as 100 percent affordable housing, some top-of-the-line features have been added. There are 36 parking spaces that will be available for rent, with some spots utilizing space-saving car lifts. Bringing in a family-friendly atmosphere to an area with a paucity of parks, there will be two outdoor community spaces at 1400 Mission: the second floor’s play area; and the rooftop space offering views of the bay. Washers and dryers can be found in all units, a convenience not always found in urban spaces. Granite countertops offer a touch of class to the kitchen areas. There are even big windows keeping the open-floor plans all the more airy.
Units range in size from one bedroom to three bedrooms.
“San Francisco has not seen this many affordable-ownership opportunities come up in one place in a long time, and we expect an overwhelming number of families looking to buy in the city to put in their application for 1400 Mission Street,” states Housing Opportunities Program Manager Vincent Alvarenga. “The demand we will see for this property will further demonstrate the need of affordable housing in San Francisco, as market-rate residences are not coming down from their plateauing price points.”
Have you been certified as a First-Time Homebuyer (FTHB) in the last two years and need to update your certificate? Have you attended an FTHB workshop?
Are you ready to apply? Need technical assistance for your 1400 Mission Street application?
Let MEDA’s HOP team assist, or contact HomeownershipSF for more information:
MEDA’s HOP team: (415) 282-3334; email@example.com
HomeownershipSF: http://homeownershipsf.org/; firstname.lastname@example.org.
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