As a follow-up to that report, Early-Warning Systems for Affordable Housing Properties provides guidelines for developing an early-warning system. These suggestions are not designed to discourage organizations from risk-taking, but to help a developer’s board of directors and senior management recognize and manage the risks of development and long-term property ownership. A small group of strong organizations has used early-warning systems in their business practices for some time, and their experiences provide important insight into systems that promote risk-awareness. T his paper includes sample tools (e.g., criteria, guidelines and dashboard indicators) to help boards and senior management assess risks at various stages in a project’s life. These tools are meant to aid in deciding whether a project should move forward, when it should be deferred and when to approach lenders and other stakeholders for assistance. Throughout this paper, we refer to roles and responsibilities of staff, senior management and board members. These are merely suggestions and not rigid guidelines. We recognize that organizations delineate internal roles and responsibilities based on management structure and available resources. Since an organization’s board is responsible for financial oversight and financial planning, it stands to reason that it is the board’s responsibility to review and approve project evaluations and dashboards. We understand that for many boards, it is more appropriate for an executive real estate committee or even senior management to make these decisions on a regular basis, involving the full board less frequently and for more high-level issues. However, it is important to ensure that sufficient oversight exists in order to fulfill board duties.