The Program

Features

Phase II

CEHI Home Sales

Availability First-time homes in Phase I of the CEHI Program are 100% sold out. Phase I homes continue to become available, however, through resale opportunities. For current resale home availability please contact CEHI at 831/883-3480 or email abigail_williams@csumb.edu Phase II of the CEHI Program is underway. Please check back for updated information. .
The Ground Lease Program In a typical home sale the buyer purchases both the land and the home on it. The CEHI home sales program differs from this in that the homebuyer purchases only the house itself, while the CSU/State of California retains ownership of the land and leases the right to use the land to the homeowner. . . .	Click on image for larger view

Advantages

The ground lease program enhances affordability by removing the cost of the land from the purchase price. The result is a sales price that is roughly 35 percent lower than a similar off-campus home. CEHI homebuyers will pay County property taxes on only the value of the home plus the usage interest in the land by virtue of the ground lease, which is lower than the market value of the land.

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Fees Homeowners will also pay Basic and Supplemental Ground Rent. Basic Ground Rent is based on the purchase price of the home. Supplemental Ground Rent will be paid instead of the homeowners' association dues that are normally paid in a planned development project.

Details Details of the ground lease program, buyer qualifications, calculations for the Basic and Supplemental Rent, and other options and restrictions, are contained in the following documents which are readily available upon request: CSUMB Employee For-Sale Housing Program Description (revised 4/00) CEHI Ground Sublease, Base Rent Calculation Rider, Qualified Capital Improvements, Reassignment Option Events, Calculation of Resale Price Index, Homeowner Eligibility and Priority System, Property Use and Maintenance Regulations, and Architectural Guidelines Schoonover Park II Buyer Disclosure Statement and Supplement CEHI Purchase Contract and Grant Deed CEHI Limited Home Warranty

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For more information about Home Sales, please contact us at
CSUMB Employee Housing, Inc. (CEHI)
601 Thomas Court
Marina, CA 93933
Telephone: 831-883-3480
Fax: 831-883-0988
email: abigail_williams@csumb.edu

Links related to Home Sales:
The Ground Lease Program | Features | Phase II |

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