The mortgage foreclosure crisis has affected millions of households around the country. Researchers and policy makers have begun to pay attention to the external costs that these foreclosures impose on surrounding properties and neighborhoods (Schuetz et al., 2008; Harding et al., 2009). But few have considered the collateral costs for children, who may, as a result of foreclosures, be forced to leave their homes, communities, and schools. Moreover, even children whose families are able to stay in their homes may experience considerable stress from the foreclosure process. In this report, the authors use a unique data set on New York City students to examine the characteristics of the City's students and schools that have been affected by foreclosures. Specifically, they link student-level academic records to building-level foreclosure data in New York City to address three questions about children living in properties entering foreclosure. First, how many students live in properties entering foreclosure? Second, what are the characteristics of those students and how do they compare to those of the full population of students attending New York City's public schools? Third, are students living in properties going through foreclosure concentrated in particular schools, and if so, what are the characteristics of those schools? The focus is on students from the 2003-04 and 2006-07 academic school years. Key findings include: (1) The number of public school students facing foreclosure has increased over time; in the 2006-07 school year, the number of students living in homes that received a foreclosure notice rose to 18,525; (2) 57 percent of students facing foreclosure are black, as compared to just 33 percent of public school students in New York City as a whole; (3) Students facing foreclosure are no more likely to be poor than other public school students in New York City; (4) Half of the students living in properties entering foreclosure in 2006-07 attended just 17 percent of all City schools; (5) A small number of schools--mostly located Brooklyn and Queens-- educate a large number of students facing foreclosure; and (6) The schools with larger shares of students facing foreclosure on average have: (a) Larger percentages of black students; (b) Higher shares of students receiving free or reduced-priced lunch; and (c) Lower shares of students scoring proficient on standardized math and reading tests. "Identifying Students Affected by Foreclosure" is appended.