Employee Housing

The CSUMB Employee Housing, Inc. (CEHI) program was created in 1998 as the first of its kind in the California State University system. University employees may purchase a CEHI home on a ground sublease basis at a very affordable price. Monthly costs compare favorably to market rate rental payments. The program offers eight spacious floor plans featuring from two to five bedrooms in detached and townhouse arrangements. Each includes an attractively fenced private yard.

Availability

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 831-582-4812.

The Ground Sublease 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. . .

Availability

The ground sublease 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 sublease, which is lower than the market value of the land.

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

Features

Standard

• Energy efficient appliances, wall to wall carpeting and linoleum flooring, ceiling insulation, and water saving toilets
• Fire-rated wallboard and additional insulation on all attached unit common walls
• Single car garage(s) with automatic door opener(s)
• Gas washer and dryer connections
• Gas range/oven, refrigerator, dishwasher, and in-sink garbage disposal
• Spacious storage areas or walk-in closets
• Cable-ready
• Front yard underground landscape irrigation system
• One year home warranty for initial buyers
• All units are unfurnished

Schoonover Park Rental Homes are comprised of two and three bedroom apartments, attached bungalows, and townhomes in a rural cul-de-sac setting. Each neighborhood features plenty of open space, with accessible playgrounds conveniently located nearby. Ground floor homes have private, enclosed backyard patios, while second level homes feature spacious balconies offering relaxing views of the coastal hills. All homes have an attached, single car garage.

Features

• Walk-in or oversized closets
• Gas range and oven
• Refrigerator
• Built-in dishwasher
• Garbage disposal
• Individual hot water heater
• Fullsize washer and dryer connection
• Cable TV ready
• Attached, single-car garage
• Playgrounds
• Fenced backyard patio or private balcony
• Neighborhood parks and athletic fields
• Hiking, biking, and jogging paths throughout the community
• Shuttle bus service to campus
• All units are unfurnished

Rental Rates

Although Cal State Monterey Bay is located in a high-cost housing area, Schoonover Park rental homes are affordably priced. Monthly rent rates include cable television, garbage service, water, and sewer. Convenient floorplans, attractive interior, and numerous community amenities make Schoonover Park Rental Homes an exceptional value. Please contact Greystar Company regarding current availability and rental rates. Rental rates are subject to change without notice.