THE LOW INCOME INVESTMENT FUND (LIIF) is leading a bold new vision for building healthy communities by investing in What Works to connect people and places. LIIF invests in integrated, collaborative, effective strategies that knit together the elements that help people to succeed in life – homes, quality cradle-to-college education, health care, healthy food, transportation and jobs. Based on an understanding that we can achieve more by working together, LIIF works alongside premier partners across the country to empower people and build neighborhoods of opportunity.

Dan Letendre, Chair of the Board
Nancy O. Andrews, President & CEO

Joint Letter from LIIF’s Chair and President/CEO

Dear Friends:

During the past year, the Low Income Investment Fund (LIIF) has embarked on an effort to transform itself to better serve the people and places at the heart of our mission. Since its inception, LIIF has invested $1.5 billion and served 1.7 million people. These community investments have created more than $30 billion in social impact. We have expanded our geographic reach to serve 50% of people living in poverty in the U.S. From this solid foundation, LIIF is ready, willing and able to take the next leap in our transformation. Our efforts will be guided by relentlessly asking one critical question: What Works to build healthy communities and give everyone a chance to thrive?

Community developers have worked at this for a half century. We have learned that it takes more than housing to stabilize families, more than good schools and early learning programs to build a child’s future and more than jobs to create economic mobility. We have learned that it takes all of these things together to ensure every person can live up to her full potential, no matter where she grows up or the circumstances of her birth. LIIF is committed to doing whatever it takes to make this a reality. First and foremost, this will take a comprehensive, holistic vision driven toward outcomes that measure impact on the everyday lives of low income families. It takes broad, coordinated collaboration with the private sector, other community developers and the public sector.

For LIIF, this means changing how we work, how we think and how we measure our impact. While maintaining our emphasis on mission, proven capital investment strategies and financial stability, LIIF will push itself to achieve new bold goals:

Achieve scale through impact by expanding our reach; innovating capital solutions focused on integration and outcomes measurement; and forging collaborative alliances.

Discover, capture and leverage what we learn in the field. Through our Discovery Lab, a new organization-wide exploration process, we are developing and testing new ideas to keep LIIF on the leading edge of the sector.

Transform by sharing what we learn and creating knowledge networks. LIIF’s leadership on the Investing in What Works for America’s Communities book has spurred a national dialogue that led to the recent launch of a national initiative funding community quarterbacks across the country.

The next decade will be a period of innovation, discovery and adaptation to what we learn. With poverty alleviation as LIIF’s enduring goal, we have always believed that community development is a strategy to achieve human development. Increasingly, we understand that building truly healthy places without investing in people is impossible. Integrating the two is complex, but essential, if we are to fulfill our mission.


Dan Letendre, Chair of the Board
Nancy O. Andrews, President and CEO

Our Impact

  • 98,000 jobs
  • 60,000 homes
  • 70,000 school spaces
  • 240,000 child care spaces
  • 12 million square feet of community and commercial space

What Works

Hilltop Regional Health Center Tacoma, Washington
  • 17,000 patients served annually
  • 130 jobs created
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“Dr. Shauna let me come in the door and take the coat of AIDS off and then worked with the person. They gave me a second chance to live.” –Joseph, patient

The new 59,000-square-foot Hilltop Regional Health Center provides quality health care in a neighborhood with the highest health risk for infants and children in the state. LIIF’s allocation of New Markets Tax Credits enabled the nonprofit Community Health Care to finance the construction of a new $27 million state-of-the-art medical facility. Offering primary and urgent care, a dental clinic and a residency program, the Hilltop Regional Health Center is also part of a regional economic revitalization effort and is creating quality jobs for the local community.

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St. Anthony’s Dining Room San Francisco, California
  • 800,000 people served annually
  • 1 million free meals served annually
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“There’s a whole atmosphere here of mutual respect, of appreciation, and it’s genuine.” –Peggy, dining room volunteer

Located in one of the most distressed neighborhoods of San Francisco, St. Anthony Foundation provides free meals, social services and medical care to the city’s neediest individuals and families. LIIF provided New Market Tax Credits to support the construction of a new facility that will double the number of meals St. Anthony’s serves and house its free clothing, food pantry and social work programs. St. Anthony’s new home is a mixed-use building that will connect a full spectrum of services with affordable senior housing being built above.

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Charles R. Drew Junior &
Senior Academy
Atlanta, Georgia
  • 98% of students achieving or exceeding state standards
  • $89 million in increased lifetime earnings for students
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“After I graduate, I want to go to Ohio State University and then I will attend their medical program, so I can become a heart surgeon.” –Zoe, 9th grade student

The Drew Charter Academy is the centerpiece of a transformation of Atlanta’s East Lake neighborhood.

Once among the city’s most distressed areas, the East Lake Foundation worked with residents to create a community that has cradle-to-college education, mixed-income housing and community wellness programs. This resulted in a 73% decrease in crime, 57% increase in employment and the city’s top-ranked elementary school. LIIF’s New Markets Tax Credits are financing Drew’s new campus, which will double the school’s size to 2,000 students.

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What Works

ReFresh New Orleans, Louisiana
  • 5,000-6,000 school lunches prepared daily
  • 60,000 square feet of healthy food retail, educational & community space
  • 110 permanent jobs created
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The $18 million ReFresh project is part of a holistic redevelopment of a blighted corridor in New Orleans.

LIIF used Healthy Food Financing Initiative funds to fill a critical gap in financing for the healthy food hub. The building will house a grocery, a social enterprise providing food industry job training for youth, a center for Tulane University Medical School students to learn about health care and nutrition and office space for a charter school organization that emphasizes healthy food education.

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Los Angeles Early Childhood
Education Bridge Fund
Los Angeles County, California
  • 2,900 child care slots preserved
  • $1.8 million of operational grants deployed
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The Los Angeles Early Childhood Education Bridge Fund preserves critical child care services for Los Angeles County’s low income families by providing financing to early care and education providers affected by delays in state funding. The providers, often small businesses, face severe strain and, at times the risk of closure, as a result of payment deferrals. Flexible and affordable financing from LIIF, the California Community Foundation and First 5 Los Angeles enables providers to keep their centers open, children learning and parents working.

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Greendot 27th Street Campus Los Angeles, California
  • 1,155 students served
  • 75,000 square feet of LEED-certified school space
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“I feel I have more opportunities because I go to this school… I get to be myself every day.” – Juan, 12th grade student

Green Dot Public Schools operates two high performing schools, Animo Ralph Bunche Charter High School and the Animo Jefferson Charter Middle School, that serve more than 1,000 students in grades 6-12 on one campus in in Los Angeles, California. The students, 99% of whom receive free and reduced-price lunches, have a permanent campus thanks, in part, to the New Markets Tax Credits and additional financing that LIIF provided to Green Dot to acquire the facility. The campus features 48 classrooms, a library, a multipurpose room and administration offices across two buildings. Green Dot, a highly regarded charter management organization, operates 18 schools in Southern California that serve 8,300 students

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What Works

Booth Memorial Child
Development Center
  • 63 children served
  • 15-20% increase in attendance rate
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“It’s like a new school and has a lot more light. We can focus more on our activities, and it feels safer.” –Linda, parent and volunteer at center

The Booth Memorial Child Development Center serves 63 children, ages 0-5, in Oakland, California. LIIF provided grant funding to the Booth Center to revamp its facility through the Child Care Facilities Fund program, supported by First 5 Alameda/Every Child Counts. This support enabled the Booth Center, which provides quality, free care to local low income families, to replace 20-year-old carpet with more child-friendly flooring, install new changing tables and sinks and create a new outdoor classroom area. As a result of the renovations, student attendance rate rose by 15-20%, due, in part, to reduced asthma attacks for children. This also meant fewer trips to the doctor for the low income parents who are all working or in school. Medical disability claims from teachers declined because the improvements reduced the amount of lifting for teachers. These changes helped the Booth Center stabilize its budget and increase spending on programming and training.

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Lemle & Wolff Broadway Project Harlem, New York
  • 23 housing units renovated
  • 3 small businesses improved
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“We neighbors help each other. They all have lived here a long time and know each other a long time so we all help each other… Everybody says the changes are very good.” –Lu, resident and owner of restaurant located in the building

LIIF provided financing to Lemle & Wolff, a well-respected New York developer, to rehabilitate a building on Broadway in Harlem. The upgrades incorporated green features and preserved affordability for the families and individuals living in the 23 units. In addition, three commercial spaces occupied by locally-owned small businesses were refurbished and improved. The project benefitted from the New York City Department of Housing Preservation and Development’s Third Party Transfer program. After construction, LIIF’s construction loan converted to permanent loan placed with New York City Retirement Systems.

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Financial Position





Cash & investments $22,280,504 $33,026,944 $26,061,265
Restricted cash $35,182,625 $29,815,824 $28,433,361
Notes receivable $138,962,580 $126,595,386 $104,114,891
Allowance for loan losses ($6,945,404) ($7,100,263) ($5,256,228)
Other assets $6,068,476 $10,452,065 $12,835,931
Total Assets

Liabilities and Net Assets

Notes payable $95,022,438 $99,219,454 $87,897,454
Funds held in trust $15,019,300 $13,777,669 $11,540,656
Other liabilities $6,542,193 $4,909,265 $4,634,816
Total liabilities

Net Assets

Unrestricted $35,421,513 $32,686,482 $29,300,413
Temporarily Restricted $43,543,337 $42,197,086 $32,815,881
Total net assets
Total liabilities and net assets

Statement of Activities





Interest & investment income–net $7,807,331 $7,066,153 $6,348,147
Technical assistance & consulting $1,736,933 $3,595,424 $2,947,619
Grants & contributions $4,306,759 $15,849,844 $16,402,862
Other $4,216,306 $3,101,549 $2,624,462
Total Revenue


Program expenses $10,186,710 $13,510,974 $10,527,986
Supporting expenses 3,799,337 $3,334,722 $2,910,602
Total Expenses
Change in unrestricted net assets $2,735,031 $3,386,069 $2,814,977
Change in temporarily restricted net assets $1,346,251 $9,381,205 $12,069,525
Change in total net assets

Donors, Investors & Partners


Astoria Federal Savings
Bank of America Charitable Foundation
The BTMU Foundation, Inc.
California Community Foundation
Capital One Foundation
Charles Schwab Bank
Citi Foundation
City & County of San Francisco, Department of Children, Youth & Families
City & County of San Francisco, Human Services Agency
Community Development Financial Institutions Fund
Every Child Counts – First 5 Alameda
Lee & Perry Smith Fund
Manufacturers Bank
Marisla Foundation
MetLife Foundation
Morgan Stanley Private Bank N.A.
New York State Health Foundation
Opportunity Finance Network
The San Francisco Foundation
Signature Bank
TD Charitable Foundation
U.S. Bank
U.S. Department of Education
The Walton Family Foundation
The Wells Fargo Foundation


Banc of America Community Development Corporation
Bank of America, NA
Bank of Tokyo-Mitsubishi UFJ
Blue Shield of California Life & Health Insurance Company
Calvert Social Investment Foundation
The David & Lucile Packard Foundation
Deutsche Bank Trust Company Americas
Chase New Markets Corporation
Erich & Hannah Sachs Foundation
Federal Home Loan Bank of San Francisco
Impact Community Capital, LLC
First Republic Bank
The Gadfly Trust
Goldman Sachs Urban Investment Group
Hanmi Bank
The John D. & Catherine T. MacArthur Foundation
Mercy Investment Services, Inc.
Metropolitan Life Insurance Company
Mizuho Corporate Bank, Ltd.
Morgan Stanley
Signature Bank
Sisters of Chartiy, BVM
Sisters of Charity of the Incarnate Word
U.S. Department of the Treasury Small Business Lending Fund
TD Banknorth, Inc.
Trinity Health Corporation
U.S. Trust Company N.A.
Wells Fargo Community Development Corporation


Annie E. Casey Foundation
Boston Community Capital
California Charter Schools Association
California Department of Housing & Community Development
Calvert Social Investment Foundation
Catholic Healthcare West
Century Housing Corporation
Citibank Community Capital
City of New York, Department of Housing Preservation and Development
Civic Builders, Inc.
Clearinghouse CDFI
Community Development Commission of the County of Los Angeles
Corporation for Supportive Housing
Enterprise Community Loan Fund
Empire State Development
The Ford Foundation
Goldman Sachs Urban Investment Group
Housing Partnership Network
JPMorgan Chase Bank
The Kresge Foundation
Living Cities
Local Initiatives Support Corporation
Los Angeles Charter School New Markets CDE
Mercy Loan Fund
Metropolitan Transportation Commission
NCB Capital Impact
New York City Retirement Systems
Nonprofit Finance Fund
Northern California Community Loan Fund
OneCalifornia Bank
Opportunity Fund
Prudential Financial
The Reinvestment Fund
Rural Community Assistance Corporation
The San Francisco Foundation
San Francisco Mayor’s Office of Community Development
Self-Help Credit Union
Uncommon Schools, Inc.
U.S. Bancorp Community Development Corporation

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