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Affordable housing  programs are dominated by two large government programs- Section 8 and the Low Income Housing Tax Credit Program. While these programs have private, market-based components, ultimately they are funded through tax payer dollars. This paper describes how Mission Related Investment can help charitable foundations expand their impact in the affordable housing area through the direct investment in real estate. This financing approach is discussed within the context of a non-profit property management model called Dividend Housing, a model that allows residents to accumulate savings (or a 'dividend') over time as they pay rent and participate in the operation of the community. In combination, Mission Related Investing and non-profit management models can play an important role in expanding the availability of affordable housing.

Mission Related Investment, Program Related Investment, Affordable Housing, Non-profit housing models