I have a non-count data with huge number of zeros in the target variable. I need to fit a model being a mixture of Dirac delta function and normal distribution parametrized by mean $X\beta$ and variance $\sigma^2$, with mixing proportion $\pi$, i.e.
$$ y \sim \left\{ \begin{array}{cl} 0 & \text{ with probability }\pi \\ \mathcal{N}\left(X \beta, \sigma^2 \right) & \text{ with probability } 1-\pi\end{array} \right.$$
to account for the excess zeros. Could you provide me with any references about such models? Or maybe there is some approach that is better, then the above, for continuous, zero-inflated data?