Stanford is offering a lease-extension proposal to Menlo Park residents in the Stanford Hills and Stanford Creek neighborhoods who are leasing their land from Stanford. The university's purpose is to "eventually transition the properties into (the university's) faculty-housing program over an extended period of time," Jean McCown, Stanford's community relations director, said in a news release April 24.

"The availability of single-family housing in desirable neighborhoods is critical to the university's faculty recruitment in a competitive market," she said in the news release.

The offer is being made to 123 leaseholders of 78 single-family homes in Stanford Hills and 45 homes in Stanford Creek. Both neighborhoods are located off Sand Hill Road. Stanford Creek borders San Francisquito Creek. Stanford Hills is next to the Stanford foothills.

The lease agreements on these homes are due to expire in 38 years in Stanford Creek and in 45 years in Stanford Hills.

Leaseholders who sign the offer will get a free 10-year extension of the lease and the right to extend the leases further for a fee. In return, when the leaseholders decide to sell their properties, they will give Stanford "the first chance to purchase the leasehold at market rates," Ms. McCown said.

Stanford's goal in buying the properties is to add them to the university's faculty housing program, which currently covers homes on the Stanford campus. Under the program, only eligible faculty members can buy the properties.

Stanford hand-delivered packages with its offer on Wednesday to the Stanford Hills and Stanford Creek leaseholders, and offered to meet with them personally to answer questions. The offer will remain open until Oct. 31, the university said.

The university's 1885 founding grant prohibits the sale of university land.