Daniel A. Nissenbaum Named President and CEO of the Low Income Investment Fund
The Low Income Investment Fund (LIIF), one of the largest investors in low-income neighborhoods throughout the U.S., today announced that it has named Daniel A. Nissenbaum, a longtime LIIF board member and Goldman Sachs executive, as its new President and Chief Executive Officer. Nissenbaum will succeed Nancy O. Andrews who announced last summer that she is stepping down after 20 years of distinguished service at LIIF.
For 34 years, LIIF has been a successful and innovative conduit for private capital, financing community development projects like affordable housing, charter schools and child care centers in underserved communities throughout the U.S. During that period, it has invested $2.2 billion, which leveraged another $8 billion to fund projects that benefited an estimated 2.1 million people.
“After conducting a national search, we are thrilled that Dan has agreed to lead LIIF to the next level of growth and financial sophistication that we will need to continue our vital role as a bridge between private capital markets and low-income neighborhoods,” said Derek R. B. Douglas, LIIF’s Chairman and Vice President for Civic Engagement and External Affairs at the University of Chicago. “As a 27-year veteran of the industry and an accomplished investment professional, Dan has the skills and experience to advance LIIF’s mission of creating pathways of opportunity for low-income people and communities.”
“Dan will have big shoes to fill in succeeding Nancy Andrews, a true thought leader and industry icon,” said Andrew M. Ditton, a former LIIF Chairman, Head of LIIF’s CEO Search Committee and Head of CRA Business Strategy & Execution at Citigroup. “Dan brings a strong skill set, industry expertise, broad relationships and a national perspective to this job. He is the right person to position LIIF to address challenges confronting low-income families in ways that both make a difference and are financially secure for LIIF’s investors.”
“Dan will be outstanding, and I couldn’t be more excited for LIIF,” Andrews said. “I’ve worked with Dan for years. I am thrilled with his appointment, and I know LIIF will reach new heights under his leadership.”
“It’s an absolute privilege to have been selected by the Board for this role,” Nissenbaum said. “I have focused my career on increasing the flow of private capital to low-income communities. It is a remarkable opportunity to carry Nancy’s tremendous accomplishments forward and to lead LIIF’s outstanding team.”
Nissenbaum’s commitment to LIIF and community development is broad and deep. He has served twice on LIIF’s board for a total of 10 years, serving as chairman in 2010 and 2011. He is widely known in the industry from his leadership roles at community development organizations, industry groups and nonprofits. Nissenbaum is a former Chair of the National Housing Conference, a former Vice Chair of the National Association of Affordable Housing Lenders and currently serves on the boards of the Primary Care Development Corporation and the Community Restoration Corporation, a national nonprofit established to address residential mortgage foreclosures.
Nissenbaum has helped finance LIIF and organizations like it from the various positions he has held in the banking industry. As a Managing Director at Goldman Sachs, he oversees the Community Reinvestment Act compliance for the Urban Investment Group and the capital component of the Goldman Sachs “10,000 Small Businesses” program. Prior to joining Goldman Sachs in 2009, he was a Senior Vice President overseeing an affordable housing finance team in HSBC Bank’s real estate division. Before that, he focused on real estate and community development finance at Chemical Bank, Chase Manhattan Bank, J.P. Morgan and Merrill Lynch.
“Dan is a community development expert with a rare combination of commercial and managerial experience in the Community Development Financial Institution (CDFI) sector,” said Lisa Mensah, President and CEO of Opportunity Finance Network, the national network of CDFIs. “His powerful experience as an investor in and partner to CDFIs will ensure LIIF continues to be a leader in the CDFI field. Dan is a star. He will know just how to navigate Washington, D.C., and I’m excited to see him lead LIIF in developing its vision for sustainable growth.”
LIIF is a leading national Community Development Financial Institution that invests capital to support healthy families and communities. With offices in San Francisco, Los Angeles, Washington, D.C., New York City and Atlanta, it provides loans, grants and technical assistance and works to advance policies that increase economic opportunity and mobility for low-income people.
LIIF has been at the forefront of innovation in the industry, including introducing evidence-based research and an investor note to attract broader sources of capital to its important work. With $1 billion in assets under management, LIIF enjoys broad support among investors including major commercial banks, leading foundations, the Federal Home Loan Bank of San Francisco and New York City Employee Retirement System. Its banking investors include Citibank, Bank of America and Goldman Sachs.
The national search for a new CEO was conducted by Korn Ferry.
For more information, please contact Samantha Hojo, 415-489-6113 or email@example.com