“Affordable housing” is often achieved through government subsidies & deed restrictions. Unlike market-rate housing developers, affordable housing developers face the challenge of not recouping costs through typical sales & rental revenues. To bridge this gap, they rely on various financing mechanisms provided by federal, state, and local governments. In California, developers often utilize up to 15 different funding sources. Additionally, federal and state programs, such as project-based vouchers, HOME Investment Partnerships, and Community Development Block Grants, contribute crucial funding for construction, maintenance, and rent subsidies, ensuring the financial feasibility of “affordable housing” projects. Further, new housing units are often deed-restricted for low-income households to ensure their continued use for “affordable housing” stock. These deed restricted units are categorized based on the Area Median Income (AMI): low-income (50-80% of AMI), very low-income (30-50% of AMI), and extremely low-income (below 30% of AMI).