Eligibility

Eligibility to purchase a leasehold interest at Olmsted Terrace is different from other campus purchases. Faculty who are eligible are those who are:

• First-time buyers, including spouses or registered domestic partners, who have never owned a single-family home or condominium within the qualifying area

And

• Who are members of the Academic Council with a 100% appointment for a minimum term of three years with the possibility of reappointment

ELIGIBILITY IS SUBJECT TO CHANGE AND INTERPRETATION AT THE UNIVERSITY'S SOLE DISCRETION.

Ground Lease

All homes located on Stanford lands are subject to a ground lease. The Olmsted Terrace Ground Lease is designed to help ensure that the homes remain available and affordable over time. Full documentation regarding this restricted ground lease will be available from Faculty Staff Housing (FSH). The following is a brief summary of some of the features of this ground lease.

Use terms

• The lease term is 51 years with no option to extend.
• The eligible person must occupy the home as the principal place of residence.
• The eligible person may sublease the home to another eligible person for 1 year at a time only while on approved University leave of absence. Other rental options are limited.
• The lessee pays ground rent and a subdivision fee to Stanford.
• The lessee pays property taxes and premiums for hazard and earthquake insurance.
• Upon loss of eligibility or non-occupancy, the lessee must sell the home within 1 year.
• Upon the death of the eligible person, a surviving partner may occupy the home as a principal place of residence for not more than 10 years.
• Upon retirement, the retiree may occupy the home as the principal place of residence for not more than 10 years.

Resale Terms

• The home must always be sold to Stanford.
• The resale price will be the lesser of:
  
  A value capped by an annual rate of appreciation that is set at the time of purchase. The actual rate will be determined prior to sale.
       —or—
  A value that reflects the current market.
  

The capped value at sale is designed to help ensure that the homes will remain affordable over time for eligible faculty.

FAQ

Answers to Frequently Asked Questions regarding Olmsted Terrace are available under the FAQs section of this website.

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Programs & eligibility requirements can be changed or discontinued without notice