New York City Mayor Bill de Blasio's initiative for 200,000 affordable housing units over 10 years calls for a $1 billion investment from the city's five public employee pension funds and the use of tax-exempt 501(c)(3) governmental purpose bonds to finance middle-income housing.

De Blasio estimated the overall price tag at $41 billion, including all possible public and private sources. He called it most expansive and ambitious such agenda in the nation's history.

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