Tech CreditUnion has joined seven banks to fund an effort to buildaffordable, multifamily housing in the region known for high homeprices.

The 70,000-member $1.7 billion San Jose, Calif.-based creditunion will provide money to the Housing Trust Silicon Valley, a $9million self-sustaining effort that provides low-cost loans todevelopers who commit to building affordable multifamily housing inthe San Francisco Bay area.

Tech CU is the only credit union to join the effort and said itis the only credit union in the country helping to fund similarwork.

“Many in the Bay Area are challenged by the region'shigher-than-average housing costs,” said Tech CU CEO Barbara Kamm.“We're committed to supporting our members by offering low rates onmortgage and home equity loans, as well as lower fees. In addition,we support increasing the amount of affordable housing in the area,which is why we're partnering with the Housing Trust SiliconValley.”

Seven Bay Area banks have also invested, including Bridge Bank,East West Bank, First Bank, Heritage Bank of Commerce,Manufacturers Bank, One Pacific Coast Bank, and Silicon ValleyBank.

“We need financial partners like Tech CU to help makethese kinds of initiatives possible,” said Kevin Zwick, CEO of theHousing Trust, “The multifamily lending program will be thecatalyst to help jump-start projects by providing criticalpredevelopment and acquisition financing towards the creation orrenovation of affordable multifamily rentals in Santa Clara, SanMateo, San Francisco and Alameda counties.”