This article focuses on the manner in which affordable housing fits into anchor-based strategies for urban revitalization. It involves quantitative analysis of the location of existing HUD-subsidized housing in relation to neighborhood characteristics. The goal of the article is twofold. First, we examine the degree to which neighborhood characteristics associated with neighborhoods of opportunity correlate with the location of HUD-subsidized housing in shrinking cities. Second, we make recommendations for more equitable approaches to anchor-based urban revitalization. Our analysis uses a unique database developed to measure neighborhood characteristics in shrinking US cities. Our findings suggest that the location of affordable housing is not correlated with proximity to institutional and neighborhood amenities, where anchor-based revitalization is targeted. As a result, we make recommendations to link future affordable housing siting to anchor-based strategies for inner-city revitalization.