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Cisco Systems to Donate $800,000 to Housing Trust Fund

Published 04-03-00

Submitted by Cisco Systems, Inc.

Cisco Systems, Inc., the worldwide leader in networking for the Internet, announced today that the company will donate an additional $800,000 to the Santa Clara County Housing Trust Fund, bringing Cisco's total contribution to $1 million. Cisco was one of the first local employers to invest in Silicon Valley's Housing Trust Fund last summer when the company provided $200,000 in "seed funding" to help launch the fund.

"As San Jose's largest employer, Cisco is committed to collaborative solutions to critical issues such as affordable housing," said Maideh Radpour, Cisco's Senior Manager for community investment. "The Housing Trust Fund is a smart investment for government and business, and the return on our investment will be more affordable housing opportunities for 5,000 families."

"I am delighted that Cisco Systems has met our challenge to invest in regional solutions for affordable housing through the Housing Trust Fund," said San Jose Mayor Ron Gonzales. "This is a great example of community partnership and corporate leadership for Silicon Valley businesses." The City of San Jose invested $1 million to the Housing Trust Fund last year. The City has leveraged more than $1 billion over the last decade to provide very low, low and moderate- income families with housing, and it will be spending nearly $300 million to create 6000 new affordable housing units by 2004. San Jose provides more than half of all existing and new housing built in Santa Clara County.

Santa Clara County's Housing Trust Fund is a broad-based collaborative effort of more than 70 public and private sector housing leaders, lenders, environmental organizations, city and county officials dedicated to providing housing for the homeless, affordable rental housing for Silicon Valley families, and first-time homebuyer's assistance.

The Housing Trust Fund was established in 1999 with a goal of raising $20 million in two years to help first-time homebuyers, develop affordable rental housing, and provide shelters and assistance for homeless families.

Although other regions in the United States have similar trust funds, the Silicon Valley Housing Trust Fund is unique in that it uses substantial voluntary investments from individuals, foundations, corporations and government agencies rather than relying on taxes or development fees.

For more information on how corporations, foundations, and individuals can invest in the Housing Trust Fund with cash, stock or land, contact the Community Foundation Silicon Valley, at (408) 278-0270.

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