Low- and moderate-income Americans rely on affordable housing. It is clear that affordable rental housing is needed, but much of what is getting built, especially in the high-growth West and South, gives rise to negative externalities based on the large number of units in the projects. This report looks at objections to large apartment complexes and makes the case for smaller-scale multifamily developments, studies how housing policy in the US has disadvantaged multifamily development, and investigates barriers to small-scale developments relating to mortgage markets, the Low Income Housing Tax Credit, and the models of nonprofit affordable housing providers. / text