Preserving Multifamily Workforce and Affordable Housing: New Approaches for Investing in a Vital Nat

America's multifamily housing stock for "lower- and middle-income renters"—those who earn up to the area median income (AMI)—is slowly but surely disappearing. The oftenoverlooked apartment properties that provide decent, affordable homes for millions of workers, senior citizens, and young children in households with modest incomes exist in all parts of the country. These "workforce and affordable" properties are an essential
element of our national infrastructure and the fabric of our local communities. They will not likely be replaced in nearly the numbers that are needed, absent unforeseen policy interventions.

The continued loss of this critical if underappreciated real estate asset class, already playing out in many markets, will impose ever-greater social and economic costs on our country in the years ahead. "Preserving" the nation's existing housing for lowerand middle-income renters—ensuring that it remains in good physical condition and affordable to households that most need it—must be a top priority for the real estate community, public officials, and the nation as a whole.