200 LINDEN AVENUE

South San Francisco, CA 94080

19 NEW 1 and 2 bedroom below market rate (BMR) units becoming available in South San Francisco in Fall 2020!



Visit www.myhomegateway.org/linden to register to the 200 Linden Ave BMR Interest List!




The BMR units at 200 Linden Avenue are scheduled to become available in Fall 2020. The projected prices and square footage provided below are subject to change. We encourage you to register for the 200 Linden Avenue BMR Interest List to receive important updates regarding the BMR units at 200 Linden Avenue.

The projected prices and sizes, as of June 2020, are as follow:
$252,000 - one (1) bedroom, 700 sq ft
$610,000 - two (2) bedroom, 900 sq ft

Prospective buyers must meet Program eligibility requirements to purchase a Linden BMR. There will also be a list of preferences to establish a lottery priority system for eligible buyers. All eligible Linden BMR buyers will need to participate in a purchase lottery.​The BMR units at 200 Linden Ave do not have a finalized pricing. The current projected pricing is as follows: 1 bedroom units = $252,000, and 2 bedroom units = $610,000. More details and final pricing will be announced closer to Fall 2020.


​To learn more about the Linden development and condos please visit the Linden website located at www.thelindenssf.com. To learn more about Linden BMR purchase opportunities please visit 200 Linden Avenue's BMR program administrator, the Bay Area Affordable Homeownership Alliance (BAAHA) at www.myhomegateway.org/linden.



BMR Buyer Eligibility Requirements


​Prospective buyers must meet Program eligibility requirements to purchase a Linden BMR.  There will also be a list of preferences to establish a lottery priority system for eligible buyers. All eligible Linden BMR buyers will need to participate in a purchase lottery.


Linden BMR buyers must meet the following minimum purchase eligibility requirements:















Financial Capacity

All eligible households must have the financial capacity to purchase a Linden BMR. This means:

  • Credit quality and capacity – All BMR owners and mortgage borrowers on title must have at least a 640 medium FICO score (as provided by the first mortgage lender). The combined cost for housing and existing minimum personal debt payments may not exceed 45% of the household's gross earnings.
  • Adequate funds for a down payment and reserves – BMR buyers must have at least 3% for a down payment and additional funds to cover closing costs and lender required financial reserves. Funds may be provided through approved and documented gifts from blood relatives.
  • Approved by a project authorized BMR lender – BMR buyers must have at least 3% for a down payment and additional funds to cover closing costs and lender required financial reserves. Funds may be provided through approved and documented gifts from blood relatives.​



Eligible BMR Buyer Preferences

The City of South San Francisco has a priority to expand affordable home purchase opportunities for household with members that currently live and/or work in South San Francisco. Accordingly, the City has established purchase preferences that will be applied towards BMR buyers.  Each preference will be assigned points. Eligible buyers with the highest cumulative amount of preference points will be assigned the highest ranking in the lottery. Priority points are as follows:


Lives in South San Francisco = 10 points (only one household member needs to live in South San Francisco)
​Works in South San Francisco = 10 points (only one household member needs to work in South San Francisco)
First time homebuyer = 10​​ points (all household members must be first time homebuyers)
Total combined preference points achievable = 30 points



The Purchase Process

​​

Sale/Purchase Administrators
BMR purchase transactions will be handled and administered by HomeQuest Realty and the
Bay Area Affordable Homeownership Alliance. HomeQuest Realty (HQR) will be involved with all real estate transaction related activity. The Bay Area Affordable Homeownership Alliance (BAAHA) will be working with the City and developer to administer all activities related to the review, screening, and lottery pre-approval of Linden BMR buyers.


​BMR Purchase Steps
The BMR purchase steps include:

  1. Interest list registration
  2. Lottery application
  3. Lottery
  4. Program Approval
  5. BMR Purchase

​Details about these steps are provided below:


Interest List Registration

BAAHA has opened up an interest list registration portal that is located on BAAHA’s website at www.myhomegateway.com/linden

All prospective BMRs buyers who are interested in purchasing a Linden BMR unit must register to receive additional information on the BMR homes and BMR purchase process. Registrants will be notified regarding:

  • Key application and lottery dates
  • Linden BMR preferred First Lender information
  • Private and public subsidies that may further assist you in the purchase of a Linden BMR
  • Progress updates on the Linden Development
  • Specific information on BMR units that become available


BMR Lottery ​Application

​All interested BMR buyers will be required to submit a comprehensive BMR Lottery Application. BAAHA anticipates applications becoming available 60 days prior to the date of the lottery (planned for Fall 2020). The comprehensive application enables BAAHA to screen applicant’s to determine preliminary lottery eligibility and to establish a preference ranking. Homebuyers will still need to go through a BMR Program approval process after they enter and receive a priority ranking in the lottery.


Lottery

All eligible applicants will be placed into the lottery. Lottery participants with the highest preference points will receive the highest ranking and priority to purchase a BMR. More information on the lottery will be provided when a lottery date is established.


​Program Approval

Lottery winners will still need to undergo a comprehensive approval underwriting process.  This process will include securing first lender mortgage approval and verification of all BMR Program eligibility and preference findings.  Any negative discrepancies discovered in the underwriting process could either eliminate the applicant or change the lottery ranking for the participant. Additional Program approval instructions and details will be provided after the lottery has been conducted.


BMR Purchase Transactions

​​The BMR purchase transaction will be administered by a licensed HomeQuest Realty Realtor. The entire transaction period, from Program approval to closing the transaction should take 60 to 90 days – depending on challenges and complications (if any) encountered in the buyer approval process.



​Program Subsidies

The BMR Program administrators are working with first mortgage lenders that may be able to provide eligible buyers access to additional homebuyer subsidies. Subsidies may include additional tax breaks and/or down payment subsidy programs. These programs will be further discussed and applied as BMR buyers proceed through their Program and first mortgage approvals. One such subsidy, the Federal Home Loan Bank WISH Program, may be able to provide eligible 80% (or lower) median income homebuyers up to a $22,000 forgivable down payment assistance loan.



​Your Next Steps, as of June 2020

Your next important and immediate step is to register to the 200 Linden Avenue BMR Interest List. You must register on the BAAHA website at www.myhomegateway.org/linden.

Registration will further assure that you are kept apprised on all developments related to the sale of the Linden BMR homes.



​Questions? Contact Us!

If you have any questions about the below market rate units at 200 Linden Avenue in South San Francisco, please conact Rob Belli:


Rob Belli
Broker's Associate/Relator
DRE #01913570
(415) 317-8540
​rob@hquestrealty.com
www.hqrealtysf.com


Make certain to register to the 200 Linden Avenue Interest List to receive updates regarding the 200 Linden Avenue.below market rate units.

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