|The Fair Oaks Walk development includes 34 new construction townhomes.|
Only five units are left in Fair Oaks Walk, the affordable townhome development offered by the Cal Poly Pomona Foundation. In less than a year, the 34-unit development in north Pomona has nearly sold out.
“Now is a good time to purchase a home in the Fair Oaks Walk community because interest rates are at near historic lows. Rates may never be this low again,” says Randy Wallace Jr., the Foundation's real estate support specialist. “Time is running out to purchase in this wonderful community.”
Located in north Pomona, Fair Oaks Walk is the first off-campus home ownership program of the Foundation built specifically for university faculty and staff. The development boasts new construction, Claremont schools, spacious floor plans and many financial incentives.
The Foundation helps Cal Poly Pomona faculty and staff with the down payment by offering a $70,000 silent second loan on the property. Buyers also have the buyback option, in which the Foundation will buy their home at the original purchase price if the value of the home falls within three years.
“Despite what the public may be hearing from the news, banks are loaning money for mortgages, and we are working with lenders who have the ability to do as much as 90 percent financing and can help those who think they have credit issues,” says Sandra Vaughan-Acton, director of real estate development for the Foundation.
The five available units all feature 1,548 square feet, three bedrooms and two bathrooms and are priced at $289,990.
Cal Poly Pomona faculty, staff and alumni aren't the only ones eligible to buy a home in Fair Oaks Walk. Individuals who work in education, public safety, healthcare or are a public employee of the state, county or local cities are also eligible.
For more information about Fair Oaks Walk, visit http://foundation.cpp.edu/ha/fairoaks.aspx. For sales information, contact Peter Shelton at (909) 596-6019. The sales office is open Friday through Monday from 10 a.m. to 6 p.m. and is located at 141 E. Foothill Blvd. in Pomona.