This work is concerned with the homogenization of solids reinforced by aligned parallel continuous fibers or weakened by aligned parallel cylindrical pores and undergoing large deformations. By alternatively exploiting the nominal and material formulations of the corresponding homogenization problem and by applying the implicit function theorem, it is shown that locally homogeneous deformations can be produced in such inhomogeneous materials and form a differentiable manifold. For every macroscopic strain associated to a locally homogeneous deformation field, the effective nominal or material stress - strain relation is exactly determined and connections are also exactly established between the effective nominal and material elastic tangent moduli. These results are microstructure-independent in the sense that they hold irrespectively of the transverse geometry and distribution of the fibers or pores. A porous medium consisting of a compressible Mooney - Rivlin material with cylindrical pores is studied in detail to illustrate the general results.