The housing market may be tanking — and Bear Stearns may be heading for the hills — but this New York Times story shows just how hard (and random) it still is for working families to get into affordable homes:

Both women applied to buy a town house at below market rates at Copper Beech Village, an 80-unit community here that is now nearing completion. Both met the criteria for affordable housing and were entered into a lottery conducted by the Long Island Housing Partnership in conjunction with Patchogue Village and Suffolk County.

Ms. Blake was among the fortunate 40 chosen to buy a new home (drawn from 150 names, although 2,500 applications were submitted). She moved into her $158,000 town house last month.

Her friend, however, was not so lucky.

The unfortunate story of these two Long Island friends is being repeated every day across this country, as millions of families struggle to find affordable homes close to economic and social opportunity. Find out how to fight for more affordable housing with the PolicyLink Equitable Development ToolKit. Tips on other resources for advocates and residents are always appreciated…

(Thanks to Housing Authority of Bowling Green for the image)