The Massachusetts Department of Mental Health uses the resources of the Special Homeless Initiative (HI) to stimulate the development of permanent supportive housing for homeless people with serious mental illness, by providing supportive services to leverage capital and operating resources from federal, state, and local housing agencies. In this second of three reports from our evaluation of HI, we compared the annual incremental increase in HI resources to the value of new housing commitments (the traditional way that leveraging was calculated), and also compared the annualized investment of HI service dollars in all HI-supported units to the annualized operating funds associated with those HI dollars. Analyses show that HI has been a powerful tool for generating permanent supportive housing, providing good value for the states investment.