From the Editor

The Nation's urban policy stands at a crossroads as we approach the 21st century. Changes in the social, economic, and political makeup of U.S. metropolitan areas are dramatic and continuing. Driven by advancements in technology and new patterns of immigration to urban areas, these changes will require new and innovative approaches to solving the problems of urban living.

The Nation's multifamily housing finance system and its ability to supply adequate capital to meet the rental housing demands of the new century will greatly affect our success at meeting the challenges we face. U.S. homeownership rates have reached all-time highs in the past year; yet there remain millions of families who rent inadequate housing. The ongoing social and economic changes will add to the challenge of providing adequate rental housing. Therefore, an understanding of the multifamily finance system is critical. We hope that this issue of Cityscape, which focuses on multifamily finance, will foster greater understanding of this important component of our urban policy.

Paul A. Leonard Deputy Assistant Secretary for Policy Development and Research