AMD Contributes $1 Million to Ease Silicon Valley's Housing Crisis
Housing Trust of Santa Clara County nears $20 million goal
SUNNYVALE, CA --
AMD today announced a $1 million contribution to the Housing Trust of Santa Clara County.
The Housing Trust is a broad-based coalition of public and private partners dedicated to increasing the supply of affordable rental housing, first-time home buyer's assistance, and services for the homeless through building a revolving loan fund and grant-making program to complement and leverage other housing resources.
"For many years, AMD has worked to make a tangible difference in the communities in which we do business," said Hector de J. Ruiz, AMD president and chief operating officer. "Here in Silicon Valley, we face a growing shortage of affordable housing, which is eroding the infrastructure of our cities and threatening the quality of life for everyone. With a big stake in maintaining the quality of life in Silicon Valley, we had to get involved in fighting the problem."
"We are thrilled that AMD has joined us in addressing the most critical issue facing our community at such a significant level," said Carl Guardino, President and CEO of SVMG, one of the founders of the Housing Trust. "AMD also stepped forward earlier in the year with a generous operating grant that has enabled us to raise Trust funds and develop plans for using and leveraging our resources to tackle the county's housing crisis effectively."
With AMD's contribution, as well as new gifts from Nortel Networks, Sun Microsystems, and the cities of Palo Alto, Campbell, and Morgan Hill, the Housing Trust has raised more than $15 million toward its goal of $20 million. Originally planned as a two-year campaign, the Housing Trust expects to reach its goal by the end of the year -- six months ahead of schedule.
AMD sets aside one percent of pretax profits annually for cash contributions to nonprofit organizations and schools that provide health and human services, education, and civic benefits to the worldwide communities in which it operates. AMD also provides grants to university engineering programs throughout the U.S and has comprehensive education partnerships with schools in Sunnyvale, CA and Austin, TX. In addition, AMD supports and facilitates its employees' community involvement by organizing activities that enable hundreds of AMD employees to volunteer thousands of hours each year, as well as matching employees' contributions of time and money with grants to nonprofit agencies.