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WHAT'S NEW

LIIF RECEIVES 2008 WACHOVIA NEXT AWARD FOR ADVOCACY
LIIF received the 2008 Wachovia NEXT Award for Opportunity Finance for Advocacy for its “vision and leadership” through its work to pass the Housing and Economic Recovery Act of 2008, legislation that has the potential to bring hundreds of millions of dollars to the community development finance industry through a newly established Capital Magnet Fund. Building on this success, LIIF is now focusing its policy efforts on mitigating the impacts of the current economic crisis on the community capital industry and the people that it serves. Read More.

LIIF RECEIVES $50 MILLION ALLOCATION OF NEW MARKETS TAX CREDITS
LIIF received a $50 million allocation of New Markets Tax Credits from the U.S. Treasury Department. In acknowledging LIIF’s award, Speaker of the House Nancy Pelosi noted, "The Low Income Investment Fund is a model of excellence in creating opportunities in low-income communities.  They have demonstrated the transformative power of investment motivated by concern for community.  By making more resources available at lower rates, they have transformed communities and improved lives of countless individuals and families across the San Francisco Bay Area and the country." Read More.

LIIF AWARDED $1 MILLION GRANT FROM THE COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND
LIIF was one of 89 organizations in the country to receive a grant through the U.S. Treasury's CDFI Fund Financial Assistance Program. LIIF will use the $1 million grant to expand its base of support for affordable housing and community facilities projects, including child care centers and charter schools in economically distressed communities across the nation. Read More.

LIIF OPENS PUBLIC POLICY OFFICE IN WASHINGTON, D.C.
On July 8, 2008, LIIF opened a new Federal Policy office in Washington, D.C. and hired Corey Carlisle, LIIF’s new Director of Federal Policy, to lead its national policy initiatives. LIIF’s President and CEO Nancy O. Andrews noted, “Our policy efforts open the door to thousands of new opportunities—whether it be a new affordable home, quality child care or a brighter educational future—for low income people and communities. Opening an office in Washington, D.C. and having Mr. Carlisle lead our policy activities will improve our ability to be more responsive and aggressive about what we care most about—helping the very poor.” Read More

LIIF RECEIVES THE HIGHEST CARS™ RATING
  • AAA for Impact Performance: LIIF has a clear alignment of mission, strategies, activities, and date that guides its programs and planning.
  • 1 for Financial Strength and Performance: LIIF exhibits exceptional financial strength, performance and risk management practices.
  • + for Policy Performance: LIIF leads initiatives to change government policy to benefit the CDFI industry and disadvantaged people.

The Opportunity Finance Network (OFN) awarded LIIF the highest possible CARS™ ratings—"AAA" and "1"—for its clear vision, strong financial and organizational strength and its significant impact serving the very poor for more than 23 years. Additionally, LIIF received a Policy Plus for leadership in policy changes impacting disadvantaged people and communities.

The OFN CDFI Assessment and Rating System (CARS™) is a comprehensive, third-party analysis that measures a CDFI's impact performance and financial strength and performance to make sure it's effective at meeting its mission and organizational goals. "We are pleased that CARS™ has recognized our financial strength, our mission-driven community impact and our commitment to leading policy initiatives. CARS™ recognizes our 23 years of work to remove the barrier that has stood between low income individuals and the goals they have set for themselves -- goals we can all share -- for family, security, stability, and opportunity," says Nancy O. Andrews, LIIF's President and CEO.

OFN has rated 37 CDFIs since 2005 and only a very select few have received an AAA1+. As a leading CDFI, LIIF has consistently demonstrated sound financial growth and impact performance since its inception. OFN completes a new and comprehensive CARS™ review and analysis every three years. In its first CARS™ rating, LIIF received a "1" for its financial strength and "AA" for its impact performance. Arthur Fatum, LIIF's CFO, states, "LIIF is proud of its history of fiscally responsible operations in support of its mission and we are very supportive of the CARS™ process. The combination of high quality financial analysis and thoughtful discussion of impact performance provide investors comfort that LIIF will not only meet its obligations to them but also create lasting impact in the lives of low-income people."

View the two-page 2008 CARS™ Rating Analysis for additional details.