Rockwell BMR Condos Coming on the Market in Pacific Heights

Rockwell BMR Condos Coming on the Market in Pacific Heights

BlogThe name Pacific Heights brings to mind images of San Francisco living at its finest. There are the old-money mansions on Broadway. Trendy shops and eateries lining Fillmore  and Union streets. Beautiful parks for families.

All at a price tag out of reach for most.

One would think the same about Rockwell, located at 1688 Pine Street between Franklin and Van Ness. This storied building’s century-old Classic Revival facade–harkening back to the glory days of San Francisco’s Auto Row–is now being complemented by a sleek, modern design and enviable views. Must be out of reach, right?

Think again.

Of the 260 units in Rockwell’s planned glimmering, dual towers, 31 are set aside as below-market-rate (BMR) condos (the developer meeting the 12 percent minimum requirement for affordable housing in San Francisco). The great news is that prices start at $209,640 for the 17 one-bedroom units and at $240,120 for the 14 two-bedroom units. This in a city where Paragon Real Estate just calculated the median condo price at $1.25 million … and in a neighborhood where that median seems low.

Getting this project off the ground was a decade-long battle for Oyster Development, but the construction site is now abuzz with activity to meet a September 2016 proposed move-in date for some residents.

Amenities include a grand solarium, Owners’ Club (community room), fitness center, courtyard, Sky Lounge and Sky Terrace. Pretty swank.

How to apply
MEDA is now working with numerous of its First-Time Homebuyer clients to get their paperwork in order in time for the 5pm, January 21st application deadline. The lottery for these 31 BMR units will be held January 29th.

Rockwell’s BMR units are priced to be affordable to households at 90 percent of AMI, but the City will allow households earning up to 100 percent of AMI to qualify for the units.

The household income requirements are as follows:

  • A one-person household can make no more than $71,350
  • A two-person household can make no more than $81,500
  • A three-person household can make no more than $91,700
  • A four-person household can make no more than $101,900
  • A five-person household can make no more than $110,050
  • A six-person household can make no more than $118,200
  • A seven-person household can make no more than $126,350

If you meet the above criteria and are interested in a Rockwell BMR, the City requires that you obtain First-Time Homebuyer education through a qualified counseling agency, such as MEDA. The next such workshops at MEDA will be held: Saturday, January 9th, from 9am to 3pm (one workshop is taught in English and one in Spanish); and Sunday, January 10th, 9am-3pm (English only).

After attending the workshop, you will be assigned a one-on-coach, also at no cost, to get your application readied for submission to the City. Your coach will be able to answer any of your BMR questions, plus provide assistance around accessing the City’s Downpayment Assistance Loan Program (DALP).

Explains MEDA Housing Opportunities Program Manager Juan Diego Castro of this rare chance, “It is exciting to see our clients have the possibility of living in such a beautiful building in such a popular neighborhood. Our clients are just hardworking people looking to own a piece of the city they love. This is their time!

Call Mario at (415) 282-3334 ext. 101 to register for the January 9th workshops; or email MEDA.

 

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