The affordable Housing in Ontario, Canada, prepared by the Institute on Municipal Finance and Governance (IMFG), which  is an academic research hub and non-partisan think tank based in the Munk School of Global Affairs at the University of Toronto. This paper considers how to create the conditions for greater private participation in affordable housing in Ontario. The purpose of affordable housing is relatively simple: to provide adequate shelter for people at a range of incomes who cannot reasonably afford to pay the market rate. But the economics of affordable housing is complex and there is no “free lunch.” Somebody has to pay the difference between the affordable rates and the market price. Traditionally, governments largely filled this gap through large capital and operating investments, shelter allowances for individuals or other funding. T he housing affordability problem is driven in large measure on the demand side by low and stagnating income levels. Ultimately, this problem can be addressed only through higher employment incomes, government tax and transfer mechanisms, or both. But there are pressing needs on the supply side as well. This paper focuses on two major supply-side objectives where private participation can have an impact: the creation of new affordable supply, and the maintenance of existing social housing and private rental stock.