WHAT WORKS

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.

Sincerely,

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

Building Healthy Communities by Investing in People and Place
  • Nancy Andrews highlights the urgency of integrating community development and health at the 2014 National Interagency Community Reinvestment Conference (NICRC) in Chicago. Reflecting on Federal Reserve Board Chair Janet Yellen’s historic speech at the NICRC, Nancy Andrews discusses the value of combining people- and place-based investments in community development in order to build healthy communities […]
Expand Details

Nancy Andrews highlights the urgency of integrating community development and health at the 2014 National Interagency Community Reinvestment Conference (NICRC) in Chicago. Reflecting on Federal Reserve Board Chair Janet Yellen’s historic speech at the NICRC, Nancy Andrews discusses the value of combining people- and place-based investments in community development in order to build healthy communities and create economic prosperity.

The interview is part of a series produced by the Robert Wood Johnson Foundation to highlight the Commission to Build a Healthier America’s recommendation that health and community development work together to create healthy environments where everyone thrives.

Janet Yellen Mentions Investing in What Works
  • Federal Reserve Board Chair Janet Yellen mentioned the Federal Reserve Bank of San Francisco and Low Income Investment Fund’s co-published book, Investing in What Works for America’s Communities, during her keynote at the 2014 National Interagency Community Reinvestment Conference. She cited the book project as one of the most promising community development initiatives in the […]
Expand Details

Federal Reserve Board Chair Janet Yellen mentioned the Federal Reserve Bank of San Francisco and Low Income Investment Fund’s co-published book, Investing in What Works for America’s Communities, during her keynote at the 2014 National Interagency Community Reinvestment Conference. She cited the book project as one of the most promising community development initiatives in the country. Federal Reserve Board Chair Yellen goes on to describe how the Community Quarterback model advocated for within the book helps coordinate efforts and leverage funding among groups working towards shared goals. To learn more about the book or download a pdf version of its chapters, visit www.whatworksforamerica.org.

Child Care & Coronavirus: ECE Providers Speak Out
  • Starting in the spring of 2020, LIIF has been collecting the stories of child care providers across the country, documenting their struggles with coronavirus-related closures and recession. They speak about how COVID-19 has affected their ability to educate the future generation, how funding could help keep them open and how LIIF has supported them through […]
Expand Details

Starting in the spring of 2020, LIIF has been collecting the stories of child care providers across the country, documenting their struggles with coronavirus-related closures and recession. They speak about how COVID-19 has affected their ability to educate the future generation, how funding could help keep them open and how LIIF has supported them through grants, technical assistance and PPP loan applications.

Click here to access the full story bank.

What Works

George Washington Bridge Bus Terminal
  • The George Washington Bridge Bus Station is an important transportation hub in New York City that serves an average of 20,000 commuters per day. With no major renovations since opening in the early 1960’s, the station suffered from decades of disrepair. LIIF provided a $10 million leverage loan through its New York Healthy Food & […]
Expand Details

The George Washington Bridge Bus Station is an important transportation hub in New York City that serves an average of 20,000 commuters per day. With no major renovations since opening in the early 1960’s, the station suffered from decades of disrepair. LIIF provided a $10 million leverage loan through its New York Healthy Food & Healthy Communities (HFHC) Fund and a $5 million New Markets Tax Credit allocation to enable an independently owned, fresh foods grocer to open in newly renovated retail space in the station. LIIF’s investment is part of a $100 million redevelopment effort by the Port Authority of New York and New Jersey to revitalize the hub’s infrastructure and retail services and increase public safety in and around the terminal. The new 15,000-square-foot supermarket will serve the economically-distressed Washington Heights neighborhood and increase access to healthy fresh food in a New York City designated FRESH zone. The redevelopment will create over 450 temporary construction jobs and 250 permanent jobs.

Project Details


Impact
15,000 square feet of new healthy food space
130,000 square feet of redeveloped retail space
250 permanent jobs created
State-of-the-art light safety and security systems
Financing
$10 million senior leverage loan through the New York Healthy Food Healthy Communities (HFHC) Fund
$5 million New Markets Tax Credit allocation
Partners
  • Dudley Ventures
  • Empire State Development
  • Goldman Sachs Urban Investment Group
  • New York City Regional Center

More Information
Community Capital for Community Facilities
New Markets Tax Credits
New York Healthy Food Healthy Communities (HFHC) Fund


Annual Report Landing Page
  • No content required. Content controlled by template.
Expand Details

No content required. Content controlled by template.

Governance
  • LIIF believes that strong governance and transparency are essential to operating an effective, highly functioning organization. LIIF conducts business according to its Bylaws, and its Board of Directors and committees operate under clearly defined terms of reference. As part of LIIF’s efforts to follow best practices, we make all of these documents publicly available. LIIF’s […]
Expand Details

LIIF believes that strong governance and transparency are essential to operating an effective, highly functioning organization. LIIF conducts business according to its Bylaws, and its Board of Directors and committees operate under clearly defined terms of reference. As part of LIIF’s efforts to follow best practices, we make all of these documents publicly available.

LIIF’s Governance Documents

Bylaws of the Low Income Investment Fund
Board of Directors and Executive Committee Terms of Reference
Audit Committee Terms of Reference
Finance Committee Terms of Reference
Loan Committee Terms of Reference
New Market Tax Credit Advisory Board Terms of Reference

What Works

Executive Team
Expand Details
  • Daniel A. Nissenbaum, Chief Executive Officer

    Daniel A. Nissenbaum is the Chief Executive Officer of the Low Income Investment Fund (LIIF). LIIF is a Community Development Financial Institution (CDFI) that has invested $2.2 billion in community projects. LIIF’s investments have leveraged $10.8 billion in private capital for poor communities in 31 states across the U.S. and generated $57 billion in benefits for families and society.

    Established more than 30 years ago, LIIF has served more than two million low income people by providing capital for 74,000 affordable homes for families and children, 269,000 spaces of child care and 92,000 spaces in schools. LIIF targets the poorest of the poor and builds bridges out of poverty for low income people and their communities. LIIF is a national CDFI with staff and offices in San Francisco, Los Angeles, New York City, Washington, D.C. and Atlanta.

    Prior to LIIF, Mr. Nissenbaum was a Managing Director at Goldman Sachs, where he oversaw Community Reinvestment Act compliance for the firm’s Urban Investment Group and capital investment for the 10,000 Small Businesses program. Previously, he has also held real estate and community development finance positions at Chemical Bank, Chase Manhattan Bank Community Development Corporation (CDC), JPMorgan CDC and HSBC Bank. In addition, Mr. Nissenbaum served as an Investment Officer with the Merrill Lynch Community Development Company, where he was actively involved in debt financings, including construction lending, revolving credit facilities and other community development financings to for-profit and non-profit intermediaries.

    He holds positions on several boards including the Community Restoration Corporation. Mr. Nissenbaum was Chairman of the Board of Governors and a Trustee for the National Housing Conference and served as a Member of the Advisory Boards of UV Partners, Center for Housing Policy, The Center for NYC Neighborhoods and the Bill T. Jones/Arnie Zane Dance Foundation.

    Mr. Nissenbaum earned a Bachelor's Degree from Grinnell College and a Masters of Business Administration from Columbia Business School. He is based in New York.

  • Lucy Arellano Baglieri, Chief Strategy Officer & Senior Vice President

    Mrs. Arellano Baglieri brings more than 15 years of community development management and strategy experience with a focus on social justice and racial equity. As Chief Strategy Officer for the Low Income Investment Fund (LIIF), a national Community Development Financial Institution (CDFI), Mrs. Arellano Baglieri leads organizational direction, racial equity, and external affairs. Prior to joining LIIF in 2020, she served as Chief Strategy Officer for the Mission Economic Development Agency (MEDA), leading the organization’s regional and national work focused on economic and racial equity initiatives in Latino and immigrant communities across the country. Her work draws on her own lived experience as a proud immigrant from Mexico, and a career dedicated to communities facing the deepest inequities, working largely across Black and Latino communities. Mrs. Arellano Baglieri’s core belief is that equitable community development must center communities of color and correct power imbalances with the explicit goal of community ownership and power. Her experience includes direct services, affordable real estate development and preservation, policy and advocacy, equitable CDFI lending for entrepreneurship and affordable real estate, collective impact education networks, and place-based strategies. She has also led internal organizational racial equity, strategy, evaluation, and professional development initiatives. Mrs. Arellano Baglieri is nationally recognized for her leadership and invited to share her perspective on equitable community development by a range of groups, including the Aspen Institute, UnidosUS, NALCAB, Affordable Housing Investment Council (AHIC), the San Francisco Federal Reserve Bank, and the National Housing Conference. Mrs. Arellano Baglieri holds a bachelor’s degree from the University of Washington. She is natively fluent in Spanish and is based in San Francisco.

  • Sabrina Baptiste, Chief Administrative Officer & Executive Vice President

    Ms. Baptiste oversees LIIF’s Human Resources, Information Technology, and Office Administration functions.

    Before coming to LIIF, Ms. Baptiste was the Head of Human Resources for Goodwill Industries of San Francisco, San Mateo and Marin Counties and the Chief Human Resource Officer and In-House counsel for an international venture capital firm which deployed capital for local social justice. She also held the role of Director of Human Resources and Administration for Pets Unlimited, where she led leadership and management development, learning, workforce management, compliance, IT, and recruitment. She has previously worked for a variety of private and public organizations, and has held leadership positions nationally and internationally.

    Ms. Baptiste was admitted to the State Bar of California in June 2005, and was a Professor of Law at New College of California School of Law and San Francisco Law School. She is currently a university lecturer on Human Resources at the Presidio Graduate School. Ms. Baptiste is a certified SPHR (Senior Professional Human Resources), SHRM-SCP (Senior Certified Professional), and a member of SHRM, NCHRA, State Bar of California, and the American Bar Association. She is based in San Francisco.

  • Giles Coates, Chief Financial Officer & Executive Vice President

    Giles Coates brings to LIIF over 17 years of finance and accounting experience in the financial services industry in the U.S. and globally.

    Most recently, Mr. Coates was the global head of Finance & Accounting at FINCA Impact Finance (FIF) a Washington D.C. based microfinance institution with a $1 billion balance sheet and regulated subsidiaries in 20 countries on five continents. FIF provides responsible financial solutions to over one million customers globally.

    Prior to FIF, Mr. Coates was a vice president and CFO for the Commercial Real Estate and Community Development Finance businesses at Capital One N.A.

    Mr. Coates started his financial services career as a credit underwriter and portfolio manager at CapitalSource, a commercial finance lender based in Washington, D.C., before his appointment as the director of treasury and risk management where he was responsible for raising over $12 billion in secured and unsecured borrowings with multiple leading global financial institutions to finance the growth of the company.

    Prior to financial services, Mr. Coates was an auditor at Grant Thornton and worked in venture capital in the U.K. He is a member of the Institute of Chartered Accountants in England and Wales, a CPA (inactive) and holds a Bachelor’s degree in Law & Accounting from the University of Wales, Cardiff, U.K.

  • Patricia GoPaul, Executive Vice President, General Counsel

    In her role as LIIF’s General Counsel, Ms. GoPaul oversees the organization’s legal matters, enterprise risk and compliance. Prior to LIIF, she was the General Counsel and Chief Compliance Officer at Impact Community Capital. Ms. GoPaul’s experience in the community development and real estate sectors includes legal consulting roles at the Northern California Community Loan Fund (NCCLF), PMI and Wells Fargo Bank. She has also previously worked as a real estate finance attorney at prominent international law firms and held positions with the Lawyers Alliance for New York and the New York City Economic Development Corporation. Ms. GoPaul is currently a member of the California Organized Investment Network Advisory Board, NCCLF’s Board of Directors, NCCLF’s Loan Committee and State Farm Bank’s CRA Advisory Council. She is based in San Francisco.

  • Kimberly Latimer-Nelligan, President

    Ms. Latimer-Nelligan is LIIF’s President, and is responsible for oversight of LIIF’s Community Investment Programs (CIP) which includes management of LIIF’s national Revolving Loan Fund, the New Markets Tax Credit business, programmatic activity and the risk and asset management functions. Under Ms. Latimer-Nelligan’s leadership LIIF has launched its Fresh Foods, Community Health Collaborative and Health & Housing Innovation initiatives and opened lending offices in Washington D.C. and Atlanta. LIIF currently has approximately $1 billion of capital under management and deploys over $250 million of capital annually. Ms. Latimer-Nelligan’s background in community development is extensive. Before joining LIIF in July 2008, she was with Citibank for over 20 years. Most recently, Ms. Latimer-Nelligan served as the Managing Director of National Lending and Investments, overseeing a $3 billion business within Citibank Community Development. During Ms. Latimer-Nelligan’s tenure at Citibank, Citi’s national lending, structured finance and equity investments for community development were consolidated under her leadership. In addition, she successfully established Citi’s charter school lending program. Ms. Latimer-Nelligan serves as the Board Chair of the Community Reinvestment Fund. She also serves on the Boards of Raza Development Fund and the National Affordable Housing Trust. She received her B.A. from Hobart and William Smith Colleges and her M.B.A. from Columbia University. She is based in New York.

Thank You
  • You have been successfully added to our email list. LIIF sends newsletters and periodic announcements with information about our latest activities, publications and special events. You can also stay connected with LIIF on social media!   Facebook   LinkedIn If you have any questions or concerns, please Contact Us
Expand Details

You have been successfully added to our email list. LIIF sends newsletters and periodic announcements with information about our latest activities, publications and special events.

You can also stay connected with LIIF on social media!

  Twitter

  Facebook

  YouTube

  LinkedIn

If you have any questions or concerns, please Contact Us

Financials

Financial Position

Assets

2013

2012

2011

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
$195,548,781
$192,789,956
$166,189,220

Liabilities and Net Assets

Liabilities
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
$116,583,931
$117,906,388
$104,072,926

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
$78,964,850
$74,883,568
$62,116,294
Total liabilities and net assets
$195,548,781
$192,789,956
$166,189,220

Statement of Activities

Revenue

2013

2012

2011

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
$18,067,329
$29,612,970
$28,323,090

Expenses

Program expenses $10,186,710 $13,510,974 $10,527,986
Supporting expenses 3,799,337 $3,334,722 $2,910,602
Total Expenses
$13,986,047
$16,845,696
$13,438,588
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
$4,081,282
$12,767,274
$14,884,502

Donors, Investors & Partners

FUNDERS & DONORS

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
HSBC Bank USA, N.A.
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

INVESTORS

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
HSBC Bank USA, NA
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

FINANCING PARTNERS

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

Connect With Us!