This study examines environmental and personal characteristics that support positive development among youth residing in emergency shelters. The Developmental Assets Profile (DAP; Search Institute, 2005) was used to measure external and internal developmental assets and adapted to additionally measure agency assets, i.e., external assets specific to the shelter setting. Eighty-two youth completed the DAP and additional measures of psychosocial functioning (distress, life satisfaction, health behavior, program satisfaction, caregiver relationships, academic functioning) during shelter stay. At admission, youth asset scores were positively correlated with measures of healthy functioning. Youth ratings for agency assets were significantly higher than external asset ratings. Youth completing multiple surveys reported decreases in distress and increases in life satisfaction, health behavior, positive caregiver relationship, and internal assets during shelter stay. Results extend research on developmental assets and underscore the value of opportunities for positive development among homeless youth and the agencies that serve them.