A concerted strategy for preserving existing affordable homes while creating new ones is essential to averting an even deeper affordability crisis, rising homelessness, increasing racial inequities, and declining health and life outcomes for millions of people. Preservation is also a key tool in ensuring more equitable communities. However, it requires collaboration, sound policy, and a range of financing tools. To support healthy and equitable communities, preservation must not only keep rents low but also keep housing stock well maintained. This can require remediating health risks like lead and mold, enhancing energy efficiency for cost and quality of life benefits, and proactive investment in systems like roofs and HVAC to keep properties in good condition for the long term. In high-opportunity communities where it’s especially difficult to build new housing due to high land and construction costs, preserving and improving existing affordable housing is also an important tool for promoting equitable development.