Fannie Mae has announced that Larry H. Dale is stepping aside as its affordable-housing chief at the end of this year to become head of a new venture fund within the company that will invest in hard-to-finance projects.

The company has hired a senior vice president to take over Mr. Dale's responsibility for multifamily lending and investment. It is conducting a search for someone to replace Mr. Dale as head of what it calls its National Housing Impact Division.

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