Battered housing prices are central to today's financial crisis. So far, the federal government has directed vast sums to homeowners and the institutions that financed them in ways that are not well-targeted. Meanwhile, the country is missing a good opportunity to stimulate demand for owner-occupied housing in the short run, while making progress in reducing shortfalls in coverage for housing assistance programs. This paper argues that a major expansion of Homeowner Voucher Program provides such an opportunity through an equitable and efficient policy alternative. Published in The Economists' Voice: Vol. 6 : Iss. 6, Article 2.