The National Low Income Housing Coalition (NLIHC) and the Public and Affordable Housing Research Corporation (PAHRC) released the 2021 edition of Picture of Preservation. The joint report characterizes the nearly five million homes that constitute the federally assisted housing stock, analyzes preservation risks these homes face and identifies policy priorities to support their preservation. The report estimates that 176,760 federallyassisted homes could be lost from the affordable housing stock over the next five years if preservation efforts are not expanded.