This study examines how two state bond-funded programs - the Housing Stablization Fund (HSF) and the Capital Improvement and Preservation Fund (CIPF) - have helped to address the Commonwealth's housing crisis by preserving existing subsidized housing. This report finds that these two programs have preserved more than 6,600 affordable units in 52 existing subsidized developments in 18 cities and towns. The Romney Administration's recent actions to freeze $23 million in available funding for CIPF and redirect the focus of HSF will undermine two successful programs that have been used cost-effectively to address the Commonwealth's affordable housing crisis.