Please contact Rob Belli for more information.
Please be aware that this web page is being continuously updated with new information. To guarantee a quick and thorough response, we recommend emailing your questions to email@example.com. Make certain to register to the 200 Linden Avenue Interest List to receive updates regarding the 200 Linden Avenue.below market rate units.
All eligible households must have the financial capacity to purchase a Linden BMR. Definitions of financial capacity are outlined below:
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 – Households are not required to be preapproved to
submit a lottery application. However, lottery selected households will be required to secure fist loan
pre-approval to complete the BMR purchase process.
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.
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.
Household sizes may not be less than two people for a two bedroom BMR. One must either be a dependent or on title as an owner to be considered and an eligible household member.
Household incomes are established by household size. Incomes may not exceed 80% for the one bedroom BMR units and 120% for the two bedroom BMR units. Current income restrictions (as of June 2020) are depicted in the matrix below:
200 Linden Avenue
South San Francisco, 94080
Coming Fall 2020! Click here to join the interest list.
Nineteen new below market rate units, one (1) and two (2) bedrooms, are scheduled to become available at 200 Linden Avenue in Fall 2020. Pricing and application deadlines have not yet been set, but provided below is an overview of how the qualification, application, and approval processes will work for the BMRs at 200 Linden.
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
Your next important and immediate step is to register to the 200 Linden Avenue BMR Interest List. Registration will further assure that you are kept apprised on all developments related to the lottery, purchase process, and sale of the Linden BMR homes. Click here to register now.
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.
The BMR purchase steps include:
BAAHA has opened up an interest list registration portal, which is accessible by clicking here.
All prospective BMRs buyers who are interested in purchasing a BMR unit at 200 Linden Avenue must register to receive additional information on the BMR homes and purchase process. Registrants will be notified regarding:
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.
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.
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.
The BMR purchase transaction will be administered by a licensed HomeQuest Realty (HQR) 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.
Artist's renderings of 200 Linden Avenue
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 sign-up 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.
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