There's a new initiative to help the city's veterans get access to 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.

Officials say it is important to give back to those who have served.

"When you think about the veterans of our city, the fact that many of them are serving in faraway 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 Comptroller Scott Stringer.

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

More than 200,000 veterans live in the city.