Affordable housing is increasingly developed, financed, and managed by a mix of state, third-sector, market, and community actors. This has led to the emergence of various hybrid governance and finance arrangements. This development can be seen as part of a general long-term neoliberal trend in government policies and social, cultural, and economic developments. It is therefore likely that the hybridity and variety of governance and finance of affordable housing will continue to grow. This article discusses innovative hybrid arrangements from Austria, England, and Italy, in which governments, private and non-profit actors collaborate to increase the supply of affordable housing. These cases illustrate how the provision of affordable housing in a neoliberal context can benefit from the involvement of market actors and communities. Nevertheless, they also show that governments continue to play a crucial role in initiating and facilitating these arrangements.