Fannie Mae directed two-thirds of its business last year as in 1996 toward its affordable housing initiative, chairman James A. Johnson said.

The 1997 total for loans to low- and moderate-income families, minorities, new immigrants, and others who are part of the seven-year initiative was $121 billion, about 68% of Fannie's business, Mr. Johnson said. The 1996 figure, $114 billion, was 66%.

Last year's total included nearly $25 billion of financing for affordable housing, to help more than 255,000 minority families become homeowners.

Mr. Johnson, who is also chief executive officer, released the data Monday at a press conference to a unveil a partnership between the Fannie Mae Foundation and Black Entertainment Television. The aim of the partnership is to raise minority homeownership.

The event also marked the fourth anniversary of Fannie's program to provide $1 trillion in affordable home loans to 10 million families by the end of the decade.

Since 1993, Fannie's lending to minorities has increased 38%. Last year minority home sales increased 27% nationwide, and 18.7% of the single- family home loans Fannie financed went to minorities, up from 18.2% in 1996.

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