Using data from a social program that provides one year of wraparound services and housing first to chronically homeless adults with mental health and substance abuse problems, this study examines changes in victimization experiences before and during treatment, and the relationship between victimization, housing placement, and risky behaviors. There is a significant decline in the odds of victimization risk after enrollment in the program, though the effect loses significance after controlling for risky behaviors. Regression models indicated that victimization is significantly related to risky lifestyles, including illicit drug use, drinking alcohol to intoxication, and arrests. Victimization is not, however, directly related to housing placement and is only affected by housing through mediated effects.