[Congressional Record Volume 146, Number 83 (Tuesday, June 27, 2000)]
[Senate]
[Page S5881]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                INTEL CORPORATION'S TEACHER HOUSING FUND

 Mrs. BOXER. Mr. President, when discussing the profound effect 
of California's Silicon Valley on our Nation's economy, we too often 
focus on just the raw numbers: staggering revenues, high profile IPOs 
and the bottom line.
  Today, I want to focus on an outstanding example of good corporate 
citizenship in Silicon Valley intended to promote home ownership and 
honor teachers at the same time.
  As many of my colleagues know, the Silicon Valley is in the midst of 
a housing crisis which makes owning a home an impossibility for most 
teachers. The region's high cost of living makes it extremely difficult 
to recruit and retain talented teachers.
  Today, I am pleased to inform the Senate that Intel Corporation and 
the Santa Clara Unified School District have joined forces to create an 
innovative pilot program designed to help public school teachers buy 
homes in one of the country's most expensive housing markets: the Intel 
Teacher Housing Fund.
  Under this new program, which will be administered by the Santa Clara 
County Unified School District, Intel will provide the fund with $1.25 
million over the next five years. Eligible teachers will receive $500 
each month from the fund to help with mortgage payments, for up to five 
years.
  I applaud Intel's leadership in forging the much-needed local 
partnerships that will help lead to solutions to Silicon Valley's 
affordable housing crunch. It is my hope that other companies will 
follow Intel's lead, and show the world that America's high-technology 
firms are the hub and the heart of the 21st century economy.

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