Tech Credit Union has joined seven banks to fund an effort to build affordable, multifamily housing in the region known for high home prices.
The 70,000-member $1.7 billion San Jose, Calif.-based credit union will provide money to the Housing Trust Silicon Valley, a $9 million self-sustaining effort that provides low-cost loans to developers who commit to building affordable multifamily housing in the San Francisco Bay area.
Tech CU is the only credit union to join the effort and said it is the only credit union in the country helping to fund similar work.
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