Designated as one of the development’s required affordable units, the 722-square-foot unit #502 at Yerba Buena Lofts (855 Folsom Street) was purchased as new for a below market rate (BMR) price of $306,500 of 2003.
In 2009, the Yerba Buena Lofts Homeowner’s Association filed a lien on unit #502 for unpaid HOA dues which are currently $463 per month. By 2010, the first notice of default had been filed by the lender. And with over $40,000 past due, the loft was foreclosed upon by the bank in July of 2014.
With the resale price for the unit having been set by the Mayor’s Office of Housing and Community Development at $285,669, the unit is now back on the market with applications due on 8/26/16 and income limits of $75,400 for an individual, $86,150 for a couple and $96,950 for a three-person household.
And yes, the refrigerator and dishwasher appear to have gone the way of the previous owner.