2025 FIR Summary

The Center for Impact Finance, an applied research center affiliated with the Carsey School of Public Policy at the University of New Hampshire, hosted the 27th Financial Innovations Roundtable (FIR) on June 13, 2025 at the Federal Reserve Bank of New York. The Roundtable brought together lenders, investors, developers, researchers, and state and local officials to examine innovative financial strategies to support naturally occurring affordable housing (NOAH). This report summarizes key themes that emerged from the Roundtable. FIR has long served as a forum for creating cross-sector partnerships to expand access to capital in low-income communities. This year’s convening focused on the challenge of developing and preserving housing that is affordable to low- and moderate-income residents without direct federal subsidies. Participants explored several guiding questions:

• How can innovative financing increase and preserve the supply of unsubsidized affordable housing?
• What role can private capital play in housing that serves lower-income residents?
• How can community-based lenders work more effectively with small property owners?
• How can affordability be maintained in neighborhoods experiencing market pressures and rising values?
• What lessons can be drawn from prior efforts to finance unsubsidized affordable housing?