We underwrite low-income housing or affordable housing but on a commercial basis. Just to be clear, we must, under our mandate in mortgage insurance, operate on a commercial basis with no cost to taxpayers. The question might be how we do that when it's affordable housing.
Fairly simply, because the rents are so low, they're affordable by definition. We are able to underwrite those properties recognizing that in the event, heaven forbid, there is a default, there is some room in the marketplace to move those rents up to market. We wouldn't want to do that, but it is a commercial mitigant to our underwriting in those areas.
To be clear, this is a commercial process separate from any subsidies that we may administer on behalf of the government for affordable housing.