Applied Materials Commits $1 Million To Address Silicon Valley Housing Issue
SANTA CLARA, Calif.--(BUSINESS WIRE)--April 6, 2000--Applied Materials, Inc. announced today that it will commit $1 million to the Housing Trust Fund of Santa Clara County to help expedite the complete funding of the Trust Fund's $20 million campaign, which aims to increase the amount of affordable housing in Santa Clara County.
The Trust Fund will initially assist 5,000 families in three critical-need categories: first-time home buyers, affordable rental homes and homeless shelters and assistance.
"With our $1 million commitment, Applied Materials hopes to challenge other companies to step up and accelerate the full funding of this partnership so we can start putting this money to work," said Mike O'Farrell, vice president, Worldwide Community and University Affairs at Applied Materials. "With the strength of our local economy, now is the time to move quickly to help provide more affordable housing for Silicon Valley families."
Applied Materials' expanded commitment will be made by the end of the calendar year in three increments as the Trust Fund reaches key fundraising milestones toward its initial $20 million goal. As one of five "Foundation Builder" companies, which were the first to support this broad Silicon Valley-wide effort, the Company originally pledged $200,000 at the campaign's launch. Applied Materials hopes the increased pledge will challenge other Silicon Valley companies to contribute to this public and private sector partnership. In the first seven months of the campaign, more than $8.2 million has been raised.
"Applied Materials has demonstrated once again that it is not only a great company, but is an even greater member of our community," said Carl Guardino, president and CEO of the Silicon Valley Manufacturing Group. "The Housing Trust Fund depends on leadership contributions like this to make our public/private partnership a success."
The Housing Trust Fund of Santa Clara County is a collaborative effort led by the Silicon Valley Manufacturing Group, the Santa Clara County Collaborative on Housing and Homelessness, the Santa Clara County Board of Supervisors, the Community Foundation Silicon Valley, and more than 70 other public and private organizations.
Applied Materials, Inc. is a Fortune 500 global growth company and the world's largest supplier of wafer fabrication systems and services to the global semiconductor industry. Applied Materials is traded on the Nasdaq National Market System under the symbol "AMAT." Applied Materials' web site is www.appliedmaterials.com.
CONTACT: Applied Materials Inc., Santa Clara, Calif.
Holly Parker, 408/986-7911
or
Carolyn Schwartz, 408/748-5227