Cal Poly Pomona is committed to recruiting high quality faculty and staff and is aware of the challenges encountered in relocating and finding affordable housing. Cal Poly Pomona and the CSU System are currently researching housing assistance strategies and exploring options to assist you in your search for a new home.
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 Pomona.
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 recommended they consider acquiring a home in the unrestricted general marketplace rather than in a faculty/staff housing project offered by the Foundation.
Cal Poly Pomona is blessed with a location central to the greater Los Angeles area and an easy commute to the beaches, the mountains, the desert – a vast array of cultural and recreational amenities, mild winters and one of the most desirable locations in the country.
While many want to enjoy its climate, the Los Angeles area has also been one of the nation’s highest priced housing markets and a challenge to new home shoppers. Many Southern California homeowners enjoy tax benefits and equity growth once the entry barrier has been broken.
Cal Poly Pomona is committed to recruiting high quality faculty and staff. Housing assistance programs have sought to provide data regarding relocation and local affordable community housing to new members coming to the campus. Cal Poly Pomona and the 23-campus CSU System are researching multiple housing assistance strategies and options to assist you in your search for a new home.
In 2004, Cal Poly Pomona Foundation began acquiring existing single-family homes in a nearby residential neighborhood.
Seventeen homes have been purchased to date – mostly from the Kellogg Polytechnic Elementary School tract of homes northwest of Innovation Village Research Park. These detached homes range in size from 1,100 – 1,500 square feet lots sized at approximately 6,000 square feet. All are single-level with 3 to 4 bedrooms, originally built in the mid 1950’s. Many have been extensively renovated and all offer walking-distance convenience to Cal Poly Pomona.
In early 2007 the Foundation began negotiating the acquisition of 34 new townhomes planned for a summer 2007 offering to eligible employees. These homes are one block east of Garey Blvd on the north side of Foothill Boulevard & Equation, within the Claremont School District in northeast Pomona. All of the homes are attached 2-story with 3 bedrooms 1,500 – 1,700 square feet with 2-car attached garages and a small common area park with an association-style maintenance program and budget. These homes are currently 100% sold out.
All homes currently within the Foundation Housing Program require a long-term ground lease. The land for the homes is retained by the Foundation and is leased to the home buyers in connection with the sale of each home and its underlying improvements to the home buyer. The ground lease contains employment and re-sale price restrictions intended to ensure home affordability to future generations of Cal Poly Pomona employees. All homes in the program require they be used for primary residence of the home buyer.