The gradual withdrawal of federal leadership in affordable housing has required states to step into an ever-widening gap in housing policy and finance. Much of this responsibility falls upon state housing finance agencies (HFAs). This article compares historical HFA roles with contemporary national trends and case study data and identifies five major roles played by HFAs today: financer, administrator/ monitor, planner, convener/coordinator, and policy innovator. HFA roles have been expanded through top-down political mandates, bottom-up interest group pressures, and complex institutional structures. The article also identifies several challenges to further change, including financial risk, interagency coordination, and agency transparency and accountability. HFAs have become major players in state affordable housing policy and suggests that planners, policy makers and advocates make better use of these agencies in implementing state affordable housing solutions.
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