Funding Campaign Gains Support
More than 3,000 families could benefit when goals are met

(San Jose, CA: April 14, 2005) Silicon Valley leaders continue to express support for the Housing Trust of Santa Clara County’s “Phase III” funding and operational strategy, both by speaking out in support of the trust, and by making significant financial contributions.

Affordable housing could become a reality for more than 1,000 families each year under the new funding and operational strategy, announced by the Housing Trust at their Investor Briefing on February 22, 2005. HTSCC Board of Directors Chair (and Santa Clara County Supervisor) Donald F. Gage and HTSCC Fundraising Chair (and SVLG President and CEO) Carl Guardino unveiled “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.

An annual 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.

Several private sector employers have already stepped forward with pledge offers, lead by Applied Materials with a $200,000 pledge of 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 is being requested at city and town council meetings this spring, and the Trust has already received a $150,000 contribution from the city of Milpitas.

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.