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This report provides a robust evidence base to support analysis, thinking and discussion within the sector and with stakeholders on the future shape of investment in affordable housing. The report sets out where we have come from in terms of government investment in affordable housing, the investment challenges that lie ahead, the ways housing needs might be met and the finanicial capacity of the sector. Finally the report evaluates the different funding models and draws a number of conclusions as to how the sector might secure funding in the future.