Launched in 1992, the $5 billion HOPE VI program represents a dramatic turnaround in public housing policy and one of the most ambitious urban redevelopment efforts to date. HOPE VI has also helped transform the Department of Housing and Urban Development's approach to housing assistance. Congress, the administration, housing groups, local elected officials, resident advocates, and the media are now asking challenging questions about what the investment has accomplished. This report looks at the extent to which HOPE VI has achieved its intended benefits and what lessons are offered for affordable-housing policy. A comprehensive literature review is included, as well as policy implications and future research priorities. [View the corresponding press release]