In its largest affordable-housing commitment to date, Fannie said Monday that it will invest $21 billion over the next five years in initiatives in New York City and four surrounding counties.

The investments will go toward homeownership and rental opportunities for immigrants and minorities, Fannie Mae said, as well as toward creating employer-assisted housing programs and community development and neighborhood revitalization projects. It said that $3.5 billion would be invested in multifamily financing, and that it has earmarked $50 million for the purchase of loans to newly arrived immigrants. -- Joshua Brockman

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