(San Jose: Feb. 24, 2004) California’s Secretary of the Business, Transportation and Housing Agency Sunne Wright McPeak today awarded the Housing Trust of Santa Clara County $2 million in funds provided through Proposition 46, the Housing and Emergency Shelter Trust Fund Act passed by voters in 2002.

The Housing Trust of Santa Clara County will use these new funds – matched by over $2 million raised locally through the Trust’s recent “2 + 2 = 2,000” funding campaign – to offer loans and grants to developers of affordable housing, special needs housing and housing for people who are homeless in Santa Clara County. “Silicon Valley residents, employers and governments all contributed to our “2 + 2 = 2,000” campaign to increase housing affordability, and today we are grateful to the State of California for their contribution of $2 million. With these funds, totaling over $4 million, we can make investments in housing programs that could serve over 2,000 families in need,” said Roccie Hill, Executive Director of the Housing Trust of Santa Clara County, adding “In just 30 months, the Housing Trust has already assisted nearly 3,000 families.”

"The 'American Dream' is home-ownership. In high-cost regions like Silicon Valley, the 'nightmare' is finding affordable housing of any type," said Silicon Valley Manufacturing Group CEO and Housing Trust Co-Founder Carl Guardino. "That is why the Housing Trust of Santa Clara County helps families meet their personal needs across the entire spectrum - from homeownership, affordable rental homes, and even homeless shelters, assistance, and special needs housing."

Proposition 46, the Housing and Emergency Shelter Trust Fund Act of 2002, is a $2.1 billion dollar bond measure that was passed by the voters in California in November, 2002. The bond provides millions of dollars to help fund the construction, rehabilitation and preservation of affordable rental housing, emergency shelters and homeless facilities, as well as funds that can be used to provide down payment assistance to low and moderate-income first-time homebuyers. Money to pay for Prop. 46 programs will come from tax revenues generated over the next 20 years.

The Housing Trust of Santa Clara County, an affordable housing investment trust, offers loans and grants to create affordable housing opportunities. In just two years, the Trust has helped over 926 families buy their first homes in Santa Clara County; enabled the development hundreds of units of affordable rental housing, worth over $194 million; and helped create hundreds of units of shelter and special-needs housing in our community, making it possible for over 2,700 people like teachers, police officers, firefighters, nurses and civic employees to live in the communities they serve. To date, HTSCC has leveraged the creation of affordable housing in Santa Clara County worth over $500 million.

The Housing Trust of Santa Clara County is a nonprofit, 501 (c)(3) corporation.