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/south-san-francisco--200-linden-ave to apply for the

200 Linden Ave BMR!




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. Please go to www.myhomegateway.org/south-san-francisco--200-linden-ave for an application and to learn how to apply for a BMR unit at 200 Linden Avenue, South San Francisco.

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/south-san-francisco--200-linden-ave.



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. Lottery application
  2. Lottery
  3. Program Approval
  4. BMR Purchase


​Details about these steps are provided below:


BMR Lottery ​Application


BAAHA has opened up the Linden Lottery Application process. Applicants can secure a Linden Lottery Application and more information on the application process by visiting BAAHA website located at http://www.myhomegateway.org/south-san-francisco--200-linden-ave.html. ​All interested BMR buyers will be required to submit a comprehensive BMR Lottery Application. The lottery 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.  All applicants will be notified regarding:

  • Application due dates 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
     

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. The lottery date is planned for Winter 20/21.


​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 November 2020

Your next important and immediate step is to submit an application for the 200 Linden Avenue BMR. The application can be found on the BAAHA website at http://www.myhomegateway.org/south-san-francisco--200-linden-ave.html.

Questions? Contact Us!

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


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

​DRE # 00661978

HomeQuest Realty Home

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