“What If?”
These two words form the cornerstone of Silicon Valley. Whether it describes the innovators who launched Hewlett Packard or Apple Computer in their garages, or simply allows a family to secure a home with a garage of their own, “What if?” is often the starting point.
Seven years ago, the County Collaborative on Housing and Homeless Issues asked the same question, “What if . . . we formed a Housing Trust Fund to help families secure an affordable place to live in high-cost Silicon Valley?” Reaching out to the Silicon Valley Leadership Group and the Santa Clara County Board of Supervisors, the dream of a Housing Trust quickly became a reality.
With an ambitious “Phase One” goal to raise $20 million in voluntary contributions in just 24 months, the Housing Trust met and exceeded that target on July 31, 2001.
In our first five years, another benchmark has been achieved: With just $22 million loaned to date, the Housing Trust has leveraged $1 billion in private development. For every $1 dollar invested, we have produced nearly $50 dollars in housing opportunities.
Equally important, the Housing Trust has assisted nearly 5,800 families to secure an affordable place to live; including 1,600 first-time homebuyers, 1,300 affordable rental homes, and for the most needy in our Valley, 2,800 opportunities for those who are homeless or at-risk of becoming homeless.
Here in Morgan Hill, this partnership between the public and private sectors has already helped 156 families. In fact, the Morgan Hill City Council has contributed $400,000 in Redevelopment Agency Funds to the Trust. That contribution has leveraged $47 million for housing opportunities right here in Morgan Hill. This includes first-time homebuyer assistance to 56 Morgan Hill families, and 100 affordable rental home opportunities at Murphy Ranch off of Dunne Avenue.
While assisting nearly 5,800 families is a great start, we all know there is much work to be done. Phase Two of the Housing Trust, a 12-month effort in 2003, generated an additional $5 million. Phase Three, launched in February of 2005, is an ambitious three-year plan to raise an additional $10 million on top of the $25 million already secured in the first two phases. After only 16 months, we have already raised an additional $7 million.
Yet just as the innovators and entrepreneurs who founded HP and Apple did not rest on their laurels, neither will the Housing Trust of Santa Clara County. We have homes to build, with many families of all incomes ready and eager to occupy them.
Yet the Trust is helping to build more than just homes – by working together for the good of our Valley – we are building better communities in the process, and Morgan Hill is reaping the benefits. For more information on the Housing Trust, please visit our web site at
www.housingtrustscc.org.
Steve Tate is member of the Morgan Hill City Council and a Housing Trust Board Member. Carl Guardino is the CEO of the Silicon Valley Leadership Group and Co-Founder of the Housing Trust of Santa Clara County.
He can be reached at www.svlg.net.
