In two earlier reports on this research project, we have presented (1) preliminary results of a multivariate analysis of financial failure in a national sample of 618 multi-family subsidized housing projects gathered by HUD; and (2) the findings of a series of detailed case studies of a small number of both failing and non-failing projects. These very different approaches to understanding the causes of financial failure were deliberately chosen to provide complementary perspectives on the problem. Through statistical analysis of variables in a large sample of projects, it was sought to identify general factors at work and to test widely held hypotheses about failure. Case studies, on the other hand, provide an understanding of some of the complex interactions in a particular setting that aggregate analysis can hardly hope to capture. They also provide the opportunity for further insights about the failure process.

This report is part of the collection of scanned historical documents available to the public.