On the surface, multifamily housing may seem easy to understand – you own an asset where people pay rent to live, and you try to make a good return on investment. But the market is a bit more complicated than that. Multifamily properties are primarily categorized as market rate or affordable. Within affordable, there are several different types, as designated by HUD and other legislation to create an opportunity both for developers and for tenants to achieve their aims. In this article we break down the main categories of multifamily homes and how they operate.