San Jose
– At least 3,000 families may be placed in affordable housing
over the next three years if a new fundraising effort unveiled this
week by the Housing Trust of Santa Clara County is a success.
San Jose – At least 3,000 families may be placed in affordable housing over the next three years if a new fundraising effort unveiled this week by the Housing Trust of Santa Clara County is a success.
Called Phase III, the new venture is an effort to secure nearly $10 million in financing to spend on development projects over the next three years.
The goal is to raise $1.5 annually from employers, foundations and individuals, matched by contributions from the public sector.
Don Gage, Santa Clara County Supervisor and Housing Trust Board Chair, said Wednesday that getting contributors to commit to three-year donations will save the trust time and money and improve planning.
“When you have a commitment for three years, you can figure out the needs of the community and how to address those. You can plan,” Gage said. “Our economy is lagging and it has a lot do with affordability of housing.
Before we had to beg and borrow for every dollar, but with this we can secure income and do things to enhance the quality of life here.”
Several companies have already made pledges, contingent on public-sector support. Adobe Systems Inc., Agilent Technologies Inc. and Synopsys Corp. have all pledged $150,000.
Though most of the corporate money is expected to come from North County, Poncho Guevera, director of communications for South County Housing, said the trust’s history of investing in South County projects should continue.
Since 2001, the housing trust has donated about $2.6 million to South County projects, most recently investing $745,000 in the Sobrato Transitional Apartments that will be constructed on Monterey Street near Farrell Avenue.
“From its initial funding push, we’ve see strong investments in South County,” Guevera said. “The housing trust is a crucial tool in creating resources where resources are scarce.”
