This document discusses the challenges of long-term sustainability for federally-assisted housing projects built in the 1960s-1970s. About 40-45% of housing units in Seattle and Washington state will reach 20+ years of operation by 2016, when many will need repairs. However, reserve funds are insufficient for about 1/3 of buildings. Asset management practices need to evolve to address capital needs assessments, reserve funding levels, and property management best practices. Groups are working on portfolio preservation planning and recapitalization strategies to maintain long-term affordability of aging housing stock.