This brief explains how credit risk transfers (CRT) have historically been used and argues for a more expansive approach to promoting affordable housing. It includes examples of how a CRT could encourage loans for manufactured and multifamily housing, vital segments of the nation’s affordable housing stock. The brief also suggests actions to facilitate greater CRT activity by the government-sponsored enterprises. Now is the right moment to thoughtfully expand the use of CRTs to reduce affordable housing shortages, including the opportunities to narrow racial wealth and homeownership gaps, broaden the pool of potential CRT investors to include those focused on social responsibility, and help the GSEs satisfy their affordable housing mission and promote equity as recently directed by the Federal Housing Finance Agency.