Watermark Announces Sale of Affordable Units

There's a small ad in today's Chronicle Real Estate section (pg. K9) that announces the upcoming lottery and sale of the Watermark's affordable housing units.

Since there's no online version of this, I'm just copying the information here:

An exciting home ownership opportunity is being offered in San Francisco's South Beach neighborhood. Available home types include one to three bedroom floor plans that range from approx. 751 to 1,237 square feet.

Come to a meeting to learn about the selection process and eligibility requirements, and to receive and application, description of the homes and pricing. All applications must be submitted by 5:00 pm PST on Friday, December 2nd, 2005 in order to be included in a lottery to determine which of the eligible applicants will be offered an opportunity to purchase an affordable home.

MEETINGS ARE SCHEDULED FOR:
Tuesday, November 8th, 2005 at 6:30pm
Thursday, November 10th, 2005 at 6:30pm

Both meetings will be held at Yerba Buena Center for the Performing Arts, located 701 Mission Street at 3rd.

To be eligible for the lottery process, your household must qualify under the Moderate Income designations, which are based on your household's total annual income and number of occupants. The chart below lists maximum annual household income:

Size of household / Maximum for "Moderate Income" units
1 / $66,500
2 / $76,000
3 / $85,500
4 / $95,000

These affordable condominium units have resale controls. Home prices are based on Area Median Income (AMI) in combination with current interest rates. Prices, terms, and availability are subject to change without notice. If, based on disability, you need changes in the way we communicate with you, please contact us at 415-371-1608. Such changes can include requests for notices or applications in large print or a request to receive an application by mail. In addition, we can be reached through the California Relay Service at 1-800-735-2929 for those with a hearing impairment.

For those that saw the lottery that happened a couple of weeks ago at the Beacon, you know that they had 4300 applicants for only 20 units. If you're interested, you should find out everything you need to know about the Mayor's Office of Housing and their restrictions.