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Frequently Asked Questions
What is Bella Montaña?
Bella Montaña is a Cal Poly faculty/staff residential community consisting of 69 individually owned condominium units located in San Luis Obispo at the northwest corner of Highland Drive and North Santa Rosa Street/Highway 1. The Bella Montaña community was developed on State-owned land by Cal Poly Corporation, a nonprofit auxiliary corporation affiliated with Cal Poly State University, San Luis Obispo.
What is the ground sublease for Bella Montaña?
The Bella Montaña community was developed on State-owned land under a lease to Cal Poly Corporation. Unlike traditional homeownership programs, homeowners at Bella Montaña enter into a sublease of the land with Cal Poly Corporation. Among other things, the ground sublease sets the requirements for ownership and occupancy. A copy of the ground sublease is located on the Bella Montaña Homes website under the “Resources” tab.
How far from campus is Bella Montaña?
Bella Montaña is located across the street from the Highland Drive/Highway 1 entrance to the Cal Poly campus.
Who is eligible to purchase a home in Bella Montaña?
Bella Montaña was built to provide affordable housing options for Cal Poly faculty and staff. Purchase eligibility is prescribed in the ground sublease, which prioritizes current employees, as well as those individuals with an offer of employment to work at Cal Poly. All purchasers must live in Bella Montaña as their principal place of residence and remain affiliated with Cal Poly during their residency. More information is available in the ground sublease located on the Bella Montaña Homes website under the “Resources” tab.
Who has priority for purchase of homes?
The priority system prescribed in the ground sublease prioritizes faculty and staff newly hired by the university as well as individuals with an offer of employment to work at Cal Poly. The full priority system is available in Exhibit C of the ground sublease located on the Bella Montaña Homes website under the “Resources” tab.
Am I required to use a specific mortgage company to purchase a home at Bella Montaña?
No. Cal Poly Corporation provides a list of lenders on the Bella Montaña website under the “Resources” tab that are familiar with the Bella Montaña development, although buyers are free to obtain financing from any lender.
Can I buy a home in Bella Montaña as an investment and rent it to others?
No. Buyers of homes in Bella Montaña must occupy the homes as their principal place of residence. This development is intended to assist Cal Poly in the recruitment and retention of faculty and staff and is not intended to be an investment opportunity for owners.
Is there a limitation on the resale price I can sell my home for and how is it calculated?
Under the ground sublease, homes will remain affordable to the next buyer through resale price controls. The Maximum Resale Price will be capped at the sum of:
- The original purchase price of the home increased by the fractional change in the Consumer Price Index, C.P.I., plus
- The appraised value of approved capital improvements made by the homeowner up to (a percentage to be determined) of the original purchase price of the home, as increased by the C.P.I., plus
- Presale allowable fix-up expenses (up to 5% of the indexed purchase price of the home).
More information is available in the Section 15 of the ground sublease located on the Bella Montaña Homes website under the “Resources” tab.
Are any of the units single-story?
Yes. Bella Montaña has five units on the ground floor of the flat triplex buildings. These units each have three bedrooms, two baths and a two-car garage.
Is there a homeowner’s association?
Yes. The homeowner’s association is managed by The Management Trust.
https://managementtrust.com/contact/ca/san-luis-obispo-ca/
1400 Madonna Road • San Luis Obispo, California 93405
P: (805) 602-9103 x3131 | F: (805) 544-6215