The purpose of this report, released by the University of Virginia’s Pay for Success Lab at the Frank Batten School of Leadership and Public Policy, in collaboration with The NHP Foundation (NHPF), is to explore the background of affordable housing in the United States, and the future of the affordable housing industry. In addition, this report aims to make the case for affordable housing as a fundamental right and pressing social issue by outlining its impact on health, education, and opportunity, among other aspects of every individual’s daily life. Finally, this report proposes Pay for Success (PFS) financing as a potential tool to capitalize on affordable housing preservation, rehabilitation, and support services.