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Below Market at 270 Valencia Street

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Homeowner or renter, we'll bet Curbed readers indulge in the daydreams of upgrading to something bigger, better, and sexier. Thanks to a city program, first-time homebuyers with more modest incomes can reach for the brass ring as well, via the mayor's office's program for "below market rate" units, or BMRs. 270 Valencia St. No. 301, in Mission Dolores—MiDol?— is one such property. While its on-the-market peers in the 36-unit building are strictly market-rate, with comparable units asking in the mid-$600k area, No. 301's price is $342,254—no doubt derived by government bean counters using a secret formula. Speaking of barely comprehensible math, to qualify for the unit, per the MLS listing, max income for household is: "2-people: $69,200, 3-people: $77,850, 4-people: $86,500." Obviously this is a great deal if you qualify and win the lottery. Two beds, one bath, 833 sq. feet (that's about $410 per); in-unit laundry, great neighborhood.

We're a little weirded out by the "one parking space available separately for $30,000" line, which seems a little out of whack both with the intent of being affordable and with the real value of parking. And no breaks on HOA dues—$308.11 per month for common area upkeep/insurance/all that other fun communal stuff.Folks only have until Nov. 16 to turn in that application to get into the Nov. 19 lottery. From the paucity of language on the MLS listing you'd think the listing agent was getting paid by the word, so feel free to check it out tomorrow between 6p.m.-7p.m.
· Mayor’s Office Of Housing Available Affordable Homeownership Units [sfgov.org]
· 270 Valencia St. No. 301 [MLS]