Valley Leaders Are Stepping Up for Families
New funding campaign receives boost at start-up

(San Jose, CA: March 11, 2005) Affordable housing could become a reality for more than 1,000 families each year under a new funding and operational strategy announced by the Housing Trust of Santa Clara County – a strategy that has already attracted significant private-sector support.

At the Housing Trust’s Investor Briefing on February 22, 2005, HTSCC Board of Directors Chair (and Santa Clara County Supervisor) Donald F. Gage and HTSCC Fundraising Chair (and SVMG President and CEO) Carl Guardino announced the proposal of “Phase III,” a public-private compact between interested private-sector investors (employers, foundations and individuals) and public agencies with the goal of assisting a minimum of 1,000 families per year for each of the next three years.

A funding goal of $1.5 million in voluntary contributions from employers, foundations and individuals for each of the next three years, matched by public sector agencies (cities, towns and the County of Santa Clara), working through their budget process, would allow the Housing Trust to invest funds into the creation of affordable rental housing, homeless and special-needs housing, and support for first-time homebuyers designed to help at least 1,000 families per year. Every public body that chooses to participate and the largest private donors would appoint representatives to an oversight board, with the Housing Trust of Santa Clara County serving as the investor groups’ administering agent.

Several private sector employers have already stepped forward with pledge offers, contingent on public-sector support. Adobe Systems, Agilent Technologies, Cisco Systems and Synopsys Corp. have all pledged $150,000, and are joined by Knight-Ridder Corp. and Solectron Corp. with $100,000 pledges. Public-sector funding requests are being prepared now for use this spring.

“This new effort has the potential of helping thousands more families afford homes in Silicon Valley, and moves us closer to our original goal of establishing a consistent, long-term source of funding for the Trust.” said HTSCC Fundraising Chair Carl Guardino, adding: “In true Silicon Valley spirit, in its first years the Trust was run like a start-up; it’s time to move into the next phase now.”

“Santa Clara County is known as a ‘Can-Do” County,” said County Supervisor and Housing Trust Board Chair Don Gage. “This new effort helps to ensure that when it comes to working families and our economy, Silicon Valley is also known as Sustainable Valley.”

To date, the Housing Trust of Santa Clara County has raised more than $25 million in local public and private contributions, and has invested more than $17.6 million in affordable housing opportunities throughout Santa Clara County. Since they began distributing funds in 2001, the Trust has already helped more than 4,435 families, including assistance to 1,260 families to help them buy their first homes in Santa Clara County; enabled the development of hundreds of units of affordable rental housing, worth over $249 million; and helped create hundreds of units of shelter and special-needs housing in our community, making it possible for people like teachers, police officers, firefighters, nurses and civic employees to live in the communities they serve.