Interest Growing in Affordable Housing at Fair Oaks Walk


Interest Growing in Affordable Housing at Fair Oaks Walk
Fair Oaks Walk includes 34 new townhomes and is the first off-campus home ownership program of the Cal Poly Pomona Foundation for university faculty and staff.

Purchasing a house wasn't a consideration for Nicole Ruzek — that is, until she visited Fair Oaks Walk. Very quickly, she was attracted to the 34-unit townhome development boasting new construction, Claremont schools, high ceilings, huge kitchen and many financial incentives.

“The price was so reasonable. There were the incentives and the buyback options. It kind of fell into our laps,” says Ruzek, a psychologist and research coordinator for Counseling and Psychological Services.

With 34 new townhomes, Fair Oaks Walk is the first off-campus home ownership program of the Cal Poly Pomona Foundation built specifically for university faculty and staff. In the last few months, the development's popularity has taken off, with 17 of the 34 units already sold. If the pace of two units a week continues, the entire community may be sold out by the end of October.

“We are very much competitive with the home builders in the area,” says Sandra Acton, the Foundation's director of real estate development programs. The new construction, classic townhome design, Foundation mortgage assistance and a risk-free, three-year buyback option truly fulfill a need for affordable housing in the region. “You can own a home for the cost of basically paying rent,” Acton says.

The development offers two floor plans — 1,548 square feet and 1,741 square feet — that are priced between $289,990 and $320,000. Both layouts feature three bedrooms and 2.5 bathrooms. The community also includes outdoor BBQs, a tot lot and is minutes away from excellent shopping and dining options.

Many new homeowners, such as Ruzek, couldn't resist the affordable prices, spacious floor layouts, proximity to Cal Poly Pomona's campus and its location within the borders of the Claremont school district.

Danilo Franco, an assistant professor in the Animal & Veterinary Sciences Department, says he was paying $1,600 in rent in Ontario before moving to Fair Oaks Walk. What attracted him the most were the outstanding Claremont schools that his two young children could attend. Although his monthly payments are a little higher, “at least you own the property, and at the end of the year, you get some tax refunds,” he says.

To keep the homes affordable for future Cal Poly Pomona faculty and staff, the Foundation owns the land and the home's appreciation is tied to the rate of inflation using the consumer price index. This means that homeowners can enjoy a healthy market appreciation — historically 3 to 4 percent — but may not be part of the wild upswings the housing market in Southern California recently experienced. With the three-year buyback option, it also means that Fair Oaks Walk homeowners aren't at risk if the market crashes during the first three years.

New homeowner Ruzek says she's not worried about a cap on the home's appreciation. She's just happy to have a beautiful new home that fulfills her family's needs. “This is our first home. We're not trying to make a buck off of it,” Ruzek says. “We just want more space for our daughter. This is better than renting.”

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.