Housing has long been one of the staples of American society and the United States’ economic prowess has afforded its citizens an abundance of safe and decent housing. The national homeownership rate as of Q1, 2004 is 68.6 percent, according to realtor.com. But, this success is tempered by the fact that some Americans are finding it increasingly difficult to afford housing in their communities. Housing prices are growing faster than incomes in some areas, in severe cases, pricing low-income buyers out of the market. The real estate boom of the last few years has caused housing prices to skyrocket, making it difficult for low- and middle-income families in many areas to purchase a home. The policy response to housing affordability issues has been mostly a federal, state, and municipal one despite evidence that the issue is one of a market-by-market or regional nature. While there are a variety of housing initiatives at all levels of government, this paper will focus on a select few that appear to be gaining momentum as possible solutions to housing unaffordability. The LIHTC program has spawned an entire industry of sorts. With state credits now available in some cases, private developers and non-profit housing associations actively seek low-income housing development opportunities. Tax credits are frequently sold or syndicated by third parties to raise equity in projects. The demand for tax credits is so great that it has become quite competitive with many developers vying for a limited number of tax credits.