In the late 20th century, Silicon Valley experienced an employment boom, bringing not only higher salaries, but also a housing shortage. Already-high home prices and apartment rents increased at unheard of rates – the median home price in our county still nears $600,000. By 1995, 5 jobs were created here for every one unit of new housing.

High housing costs became a concern for civic leaders, employers and housing advocates. In 1999, representatives of the Community Foundation Silicon Valley, Silicon Valley Manufacturing Group, the County Collaborative on Housing and Homelessness and the County of Santa Clara met to create the Housing Trust of Santa Clara County. The Trust was designed to serve as a rapid-response investment tool to aid the creation of new affordable housing developments and to help first-time homeowners buy affordable homes.

An ambitious $20 million endowment was targeted – and in the most successful fundraising campaign in local history, that goal was met in just under two years. Contributions from private citizens, employers and employer foundations, our County government and from all 15 Santa Clara County towns and cities established the Trust as a major funder of affordable housing options.