Task Force has attempted to learn from the demise of the old system as well as from some of the successful models developed in its wake. We have made three essential findings that have guided our efforts in developing a system to replace the old one.

• First, any national system for financing multifamily housing must be locally based. Successful rental projects must be underwritten initially at the local level by those with full knowledge of the loca1 population and housing markets.
• Second, investments in affordable rental housing, if done properly can be good business.
• Third , while government plays an indispensable role in any housing finance system, we should maximize the involvement and investment of the private sector.

This report is part of the collection of scanned historical documents available to the public.