FAIR OAKS WALK DOCUMENTS

Unlike traditional home ownership, a faculty/staff member buying a home in the faculty/staff housing program will purchase the home but lease the land from the Foundation, greatly reducing costs and enabling university professionals to own a new home near Cal Poly.

As the homeowner, you will acquire a long-term leasehold interest in the land underlying your home, which will be subject to renewal upon certain stated conditions. As with any lease, you will be required to make ground rent payments pursuant to the terms of your Ground Lease, including an agreement on your part to pay Cal Poly Foundation stated future fixed rent adjustments.

To assure homes in the faculty/staff housing program remain available to, and affordable by, members of the University community, the Ground Lease includes certain restrictions. These restrictions limit the amount of the resale price, address continuing ownership eligibility and may lengthen the time required for selling a home in the faculty/staff housing program. Homes in the faculty/staff housing program must be owner occupied. You should carefully review the Ground Lease provision and restrictions before buying a home in the faculty/staff housing program. For those persons whose principal objective in purchasing real estate is capital gain, it is strongly recommended they consider acquiring a home in the unrestricted general marketplace rather than in a faculty/staff housing project offered by the Foundation.