Lottery Enrollment Now Open for Below Market Rate Housing at The San Francisco Shipyard

San Francisco Shipyard, Office of Housing and Community Development, Office of Community Investment and Infrastructure Affordable Housing Program

Alma and Block 53_The SF Shipyard

Homeowners from First Lottery Recently Moved into New Homes

SAN FRANCISCO (Nov. 10, 2015) – As of Oct. 26, applications are now open for 16 new Below Market Rate (BMR) homes at The San Francisco Shipyard, a transformative, revitalization project as part of the City’s Below Market Rate Limited Equity Program.

The homes are offered as part of The Mayor’s Office of Housing and Community Development, and the Office of Community Investment and Infrastructure Affordable Housing Program. This program is designed to honor the commitment to sell or rent a certain percentage of units in new developments at a “below market rate” price that is affordable to qualified low-income, median-income and moderate-income households who otherwise would be unable to purchase a home in San Francisco.

The 16 new homes, four townhomes and 12 condominium flats, are within The Shipyard’s second phase of 159 residences, slated for completion by early 2016. There will be an extended application period, through the Mayor’s Office of Housing, with a lottery on Dec.16. Pricing will range from $171,780 to $306,054 for the one- to three-bedroom homes. Interested participants who meet the eligibility requirements can enroll in the upcoming lottery by visiting the Mayor’s Office of Housing and Community Development full posting http://www.sfmohcd.org/index.aspx?page=1427 or The Shipyard’s BMR page at www.thesfshipyard.com/bmr-housing-program.

The first lottery at The Shipyard took place in October 2014 and included nine homes between the first two buildings, Merchant and Olympia, which are now sold out. The buildings are comprised of one-, two- and three-bedroom condominiums and townhomes. Three townhomes and six condominium flats were priced and sold between $169K and $245K. The last contract was signed in January and Olympia homeowners have already moved in.

Thirty percent of the 12,000 homes at The Shipyard, and its sister community Candlestick Point, will be affordable. Affordability levels will range between 0 percent for public housing replacement and 120 percent AMI.

Buyers who meet MOHCD and OCII eligibility criteria can purchase homes at affordable prices. In return, when they are ready to sell, participants must re-sell their home through the Limited Equity Program. This system allows many generations of homebuyers to access affordable homes. The program’s main goals are to create permanently affordable homes and to offer participants an alternative to renting that enables them to build savings and enjoy tax deductions and other benefits of home ownership.

Eligibility Criteria:

First-time Homebuyer: Homebuyer cannot have owned any residence in the past three years.

Income Eligibility: Current combined total household income (including an asset calculation) cannot be more than the designated percentage of Area Median Income (“AMI”) for the home.

  • The Shipyard BMR Limited Equity Program currently uses an 80 percent AMI cap.

Down Payment: Homebuyer must make a minimum 5 percent down payment, which will vary based on the sales price of the home. Of the total 5 percent, 3 percent needs to be the homebuyer’s own funds (held in a financial institution) and 2 percent can be gift funds (not yet received). Total down payment cannot exceed 50 percent of the sales price. MOHCD offers a considerable number of Down Payment Assistance Programs.

Household Size: The Program requires a minimum of one person per bedroom. In addition, all unrelated members of the household must live together at the time of application.

Mortgage: Homebuyer must be able to qualify for and obtain a first mortgage from a MOHCD Approved Lending Institution, underwritten to MOHCD standards: 30-year, fixed rate loan, front end debt ratio no lower than 28 percent and no higher than 38 percent of gross income, and the inclusion of all adults aged 18 and over on title and loan unless claimed as a dependent on last year’s tax returns.

Preferences: These are specific to The San Francisco Shipyard and Candlestick Point and include:

  • Certificate of Preference Holders *
  • Rent San Francisco Burdened or Assisted Housing Residents**
  • Ellis Act Housing Preference Holders ***
  • Households that live in San Francisco
  • General Public:
    If you think that you may be qualify for one of the above preferences, please contact the Mayor’s Office of Housing on 415-701-5613 to check your status.
  • *Certificate of Preference holders are primarily households displaced in Redevelopment Project Areas during the 1960’s and 1970’s, but may also include other persons displaced by Agency action.
  • **Rent Burdened is households spending more than 50% of their income for housing, who are SF Residents // Assisted Housing Residents are households residing in public housing or Project-Based Section 8 housing, who are current SF Residents
  • ***Ellis Act Housing Preference holders are long term San Francisco tenants who were evicted because of the Ellis Act.

Located along the San Francisco waterfront, The San Francisco Shipyard is taking its place among the city’s most desirable real estate. In addition to an array of amenities, hundreds of acres of parks and open space and easy access to downtown, residents will be adjacent to an Urban Innovation District. This integrated development will comprise three million square-feet of waterfront oriented creative office spaces, educational institutions, plazas and food and exercise amenities, an emerging business incubator and San Francisco State University’s extended campus. Through purposeful programming and physical design, the district will be activated with coffeehouses, gyms, dining, retail and entertainment venues.

To learn more about The San Francisco Shipyard, visit www.thesfshipyard.com, call 415-383-5500 or connect at @TheSFShipyard.

About The San Francisco Shipyard
The San Francisco Shipyard is a transformative community being built with the same spirit of artistry and progressive ideas that define San Francisco. It is a revitalized waterfront neighborhood with a bold new vision offering a mix of residences, retail, entertainment, a research and development campus anchored by San Francisco State University and acres of parks and trails. Situated in San Francisco’s Bayview neighborhood overlooking the picturesque waterfront, The San Francisco Shipyard is just 3.5 miles from the city’s SoMa district and less than 10 minutes from downtown via car. The San Francisco Shipyard, and its sister community Candlestick Point, are 20-year, multi-billion-dollar redevelopments that encompass a total of 762 acres where there will be more than 12,000 new homes, three million square feet of research/development and workspace and over 300 acres of parks and open space. Homes range from studios to three-bedroom designs and buildings include townhomes, mid-sized condo flats and high-rises. Because of the waterfront location, almost all homes have breathtaking views of the Bay and San Francisco skyline. For more information on The San Francisco Shipyard, visit www.thesfshipyard.com , call 415-383-5500 or connect at @TheSFShipyard.

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