Object of study is the organization of Real Estate Development by Dutch Housing Associations. Real estate development and housing associations seem like a logical combination. Real estate development has been one of the main activities housing associations have always been undertaking: developing dwellings for specific target groups, renovating dwellings and, since the 90’s of last century, investing and other real estate as well. The context of real estate development by housing associations is highly dynamic, the institutional context and real estate market has been changing thoroughly throughout the last decades. Housing associations reacted and are reacting differently to cope with these changes. Little is known about their way of working and organizing themselves, but big differences between housing associations are visible. The dissertation describes the results of an explorative research on (the problems in) the organization of real estate development by housing associations, with special attention on the division of responsibilities between employees from housing associations involved in the process of real estate development. It shows that the problems in real estate development are complex and an univocal on how housing organizations organize real estate development cannot be given. However, it is clear that a large part of the problems can be related to an unclear division of responsibilities. Looking at the division of responsibilities, it can be seen that most problems arise in the first part of the real estate development process and around the way the conceptual roles of the 'Investor' and the 'Decision Maker' are fulfilled. The method of analysis used in this research had proven to be useful to identify the problems in the division of responsibilities by housing associations.