The United States is experiencing an affordable housing crisis. Rental costs are rising at a faster rate than wages and waiting periods for public rental assistance are increasing. Research by Belsky and Lambert (2001) indicates that during the period 1996-1998, residential rent increased 6.3 percent while wages increased by 3.9 percent. During this same period, the waiting times for the Housing Choice Vouchers, formerly Section 8 certificates, and project-based housing increased by two months. Further, the unassisted development of housing that is affordable to low-income and very low-income renters is increasingly difficult in the face of rising production costs. In 39 states, more than half of Low-Income Housing Tax Credit projects, the cornerstone of federal affordable housing efforts, must utilize some other form of federal subsidy to make them affordable to low-income renters. Most of these projects also must use state or local subsidies to defray costs further. We are facing a situation in which nearly 13.4 million renter households and 14.5 million owner households, more than 80 million individuals, experience moderate to severe affordability problems. A moderate affordability problem is defined as spending between 30 and 50 percent of income on housing. A severe affordability problem is defined as spending more than 50 percent of income on housing. The estimated national shortfall in affordable housing is approximately 3.3 million units. An additional 3.82 million rental units are at risk of disappearing from the housing stock over the next ten years, including 3 million unsubsidized rental units, 640,000 subsidized rental units, and 180,000 Low-Income Housing Tax Credit Units. Further, in no area in the United States can a person earning a minimum wage, full-time salary afford fair market rent for a two-bedroom apartment or home.