Frequently Asked Questions

General Information

What is Bella Montaña?

Bella Montaña is a new residential community located in San Luis Obispo at the northwest corner of Highland Drive and North Santa Rosa Street. The Bella Montaña community was developed by the Cal Poly Housing Corporation, a nonprofit corporation affiliated with Cal Poly, to allow university faculty and staff to live more affordably in San Luis Obispo, a high-cost housing area.

Bella Montaña homes are condominiums on leased land. This structure enables the homes to be sold at below market prices, and will help ensure that homes remain owned by persons affiliated with Cal Poly.

What types of housing units are offered at Bella Montaña?

Bella Montaña offers 69 homes with ten flexible floor plans, ranging from 2 bedroom / 1 bath homes to 3 bedroom / 3 bath homes. Approximate square footage is from 1,029 to 1,614. All homes have garages, with some floor plans offering a two-car garage.

What amenities are featured in the homes?

The condominiums offer distinctive exteriors with personal courtyards, patios or decks, contemporary kitchens, elegant living areas, attractive baths and energy saving quality appointments.

How far from campus is Bella Montaña?

Bella Montaña is located adjacent to Cal Poly's campus across the street from the Highland Drive entrance.

What is the neighborhood setting for the site?

Bella Montaña occupies a 5.3 acre site adjacent to single-family residences and multi-family homes. The site is located along a scenic corridor set among the surrounding mountains. The homes have been designed to maximize views and utilize the changes in site elevations to create a sense of community.

Which public school will children living in Bella Montaña attend?

San Luis Obispo Coastal Unified School district serves all of San Luis Obispo, Los Osos, and Morro Bay. Bishop's Peak, Pacheco, and Teach elementary schools are within close proximity to the development offering elementary students different learning opportunities. Laguna Middle School and San Luis Obispo High School serve residents of San Luis Obispo. For additional information visit the San Luis Obispo Coastal Unified School District website at http://www.slcusd.org/.

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Eligibility - Application

Who is eligible to purchase a home in Bella Montaña?

Bella Montaña was built to provide below-market housing options for Cal Poly faculty, staff, and management. Current employees as well as those individuals with an offer of employment are eligible to purchase a home in Bella Montaña. All purchasers must live in Bella Montaña as their principal place of residence and remain affiliated with Cal Poly during their residency. Employees and directors of the Cal Poly Housing Corporation are not eligible to purchase homes. Click here for more information.

Is there any special financing available for home purchases?

The Cal Poly Housing Corporation (CPHC) is recommending Rabobank as a lender to consider, although buyers may obtain financing from any lender they select. Mortgages obtained through Rabobank may not require any private mortgage insurance, (PMI), even if the buyer obtains 100% financing. More information on home financing can be found at the University Housing website and the financing section of this website.

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Ground Sub-Lease

How does the Ground Sublease work?

The land on which the condominiums are located is leased by the Cal Poly Housing Corporation from the CSU Trustees and, in turn, will be leased to the buyer under a ground sublease. Under the ground sublease each buyer will hold a percentage of an undivided interest in the land on which the condominium development is located. This arrangement is similar to other employee for-sale condominium housing communities.

What ground rent do homeowners pay under the ground sublease?

Homeowners pay ground rent of $48 per month for use of the land. The ground rent has been discounted to take into account the project's restrictions. The amount of ground rent for the use of the land is subject to adjustment every five years based on the changes in the Consumer Price Index-Urban Wage Earners and Clerical Workers - Los Angeles - All Items - Series Id CWURA421SA0 (CPI).

Are pets allowed in Bella Montaña?

Yes. The Covenants, Conditions, & Restrictions (CC&R) for the development allow for a reasonable number of household pets.

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Resale Controls

Are there controls on the resale price of homes?

Yes. 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 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 (15%) 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).

The CPI to be used is the same as that identified in the Ground Sub-Lease section, above.

What about reselling the homes?

Ground lease stipulations do exist to keep the homes available to Cal Poly employees. A sales agent can review the ground lease, sales process and restrictions with you.

Can the homeowner be required to sell their home?

In order to provide a residential community to assist Cal Poly in the recruitment and retention of faculty and staff and preserve the community over time, the Cal Poly Housing Corporation will have the right to repurchase a home from a Bella Montaña homeowner after a specified amount of time under certain conditions, including but not limited to occurrences such as a change in employment status, change in title or occupancy, or default. Please review these restrictions with an agent before committing to buy.

Why buy a Bella Montaña home?

Bella Montaña offers a more affordable housing option to Cal Poly employees that desire to purchase a home near the campus. Individuals living at Bella Montaña will benefit from its proximity to campus and the ability to walk or bike to work. The development allows for easy access to Morro Bay to the north and Pismo Beach to the south and is a few miles from downtown San Luis Obispo.

Who administers Bella Montaña?

The Cal Poly Housing Corporation administers Bella Montaña. The Housing Corporation oversaw the construction, and is responsible for the administration of sales, and, on an on-going basis, resales and limited property management oversight. The Housing Corporation has hired Wilson & Co. Sotheby's International Realty to assist with home sales, and Goetz Manderley provides HOA and property management services.

Is there a homeowner's association?

Yes, the Bella Montaña Association has been formed. Copies of the Association documents will be provided to prospective homebuyers. The HOA assessment is $150 per month, plus $43 for water and sewer.

How can I get more information on Bella Montaña?

Bella Montaña initial sales are being represented exclusively by Wilson & Co. Sotheby's International Realty.

Linda Wilson
Phone: (805) 543-7727

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Terms and Limitations

The foregoing is intended as general information about the Bella Montaña housing program. This site is intended for general reference and informational purposes only. The Cal Poly Housing Corporation does not warrant or make any representation of any kind with respect to information on this site. Information contained herein is subject to change at any time.

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