The Federal National Mortgage Association, citing the need for affordable housing, said it will make available $10 billion in mortgage money for low and moderate-income families.

"Our plan is to produce $10 billion in commitments by July 1993 and to turn all those commitments into deliveries by the end of 1994," said James Johnson, Fannie Mae chairman.Announcing the plan in a news release, Johnson cited a growing need for affordable housing for working and young families, the elderly, homeless and low-income renters.

Fannie Mae, a government-chartered company, is the nation's largest investor in home mortages.

The new products will deal with the problems of accumulating down payments and other funds for closing mortgages and meeting monthly housing expenses.

"It is a Fannie May formula we believe can make a difference," Johnson said.

The plan will use both new and existing lending programs.

Among Fannie Mae's new programs will be a "3/2 Option" that allows borrowers to qualify for 5 percent downpayment loans by using 3 percent of their own funds.

The remaining 2 percent may come from a family member's gift, a grant or a loan from a non-profit organization or state or local government.

Johnson noted that expected labor shortages in the 1990s would lead more employers to help employees find affordable housing near their places of employment.

Under the plan, Fannie Mae also will buy $1.5 billion in new mortgage revenue bonds by the end of 1992 and provide $700 million in specialized securities to support reduced-rate mortgages.

It will also enlarge tax-credit equity investments by $150 million over the next two years to finance more than $400 million of housing for low-income renters. It will help finance more than 350,000 units of older federally aided rental housing.

Among the initiatives in the plan, Fannie Mae will develop new mortgage products for the elderly, such as conventional reverse annuity mortgages and financing of home equity conversion mortgages.