A new initiative aims to help veterans around the city get affordable housing.

It's part of a $450 million investment to buy and support mortgages for working families.

At least $5 million will go to veterans every year to help finance mortgages backed by the Department of Veteran Affairs.

"When you think about the veterans of our city, the fact that many of them are serving in far away places, and they can't always secure the financial or credit history they need, especially as they come back to the city, this program will go a long way to helping that," said Scott Stringer, city comptroller.

Stringer hopes the investment will encourage more banks to take on VA-backed mortgages. 

More than 200,000 veterans live in the city.