The U.S. Department of Housing and Urban Development's (HUD's) assisted project-based multifamily properties are privately owned properties representing a significant component of federally assisted housing for low-income families. This is in contrast to the public housing stock, which is publicly owned and operated. The HUD-assisted project-based multifamily housing stock includes more than 22,000 properties with more than 1.5 million units. They were developed under programs that were created in the 1960s and 1970s to supplement the public housing program, as part of a policy change that aimed to promote more privately owned development of affordable housing.

In this study, we examine the characteristics of properties that have left the assisted stock either through prepayment or through opt out and compare them with the characteristics of properties that have remained in the HUD programs. In addition, the study examines the affordability of rents charged at properties that have left the assisted stock through either prepayment or opt out.