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
98,000 jobs
60,000 homes
70,000 school spaces
240,000 child care spaces
12 million square feet of community and commercial space
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.
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.
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.
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.
More Information
Community Capital for Community Facilities
New Markets Tax Credits
New York Healthy Food Healthy Communities (HFHC) Fund
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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
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 & Executive 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.
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.
Panagiota Mahendru, Chief Financial Officer
As Chief Financial Officer (CFO), Panagiota Mahendru provides strategic leadership for the fiscal infrastructure that supports LIIF’s programs, business activities and the organization’s growth. She brings over 20 years of global hands-on experience building and leading finance teams in for-profit and nonprofit companies. Previously, Ms. Mahendru held the CFO role at the Center for Employment Opportunities, a national nonprofit with over 6,300 employees operating in 31 cities and 12 states providing comprehensive employment services to thousands of individuals who have recently returned home from incarceration. She also worked at Housing Works, a nonprofit addressing AIDS and homelessness with a diversified revenue model in the areas of housing, health and retail. She currently serves as Board Member and Treasurer for Bent on Learning Inc. and Board Member and Secretary for the Hellenic American Association for Professionals in Finance. Ms. Mahendru received a Master of Arts in Accounting and Finance from The University of Leeds, UK and a Bachelor of Science in Accounting and Finance American College of Greece.
Denise Noel, General Counsel & Executive Vice President
As LIIF’s General Counsel, Noel will oversee LIIF’s corporate and board governance, legal matters and risk management functions. In addition, as General Counsel, she will chair LIIF’s internal loan committee.
Prior to joining LIIF, Ms. Noel was Legal Counsel to the Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund and was responsible for all legal matters related to the CDFI Fund’s policies, programs and administration, supervising the closing of over $5 billion annually in grants, loans, bonds, guarantees, equity investments and tax credits.
Prior to being named CDFI Fund Legal Counsel in 2017, Ms. Noel was an Attorney/Advisor to the CDFI Fund and served as lead attorney for numerous CDFI Fund programs and initiatives, including the CDFI Bond Guarantee Program, where she was instrumental in the legal structuring of the program and helped place almost $2 billion in long-term, low-cost capital in CDFIs. In addition, Ms. Noel was an attorney in private practice with O’Melveny and Myers LLP.
Ms. Noel serves as Board Secretary for Rebuilding Together DC Alexandria. Ms. Noel is also a Partnership for Public Service Excellence in Government Fellow. She has Bachelor’s degree in Management Information Systems from the Florida State University College of Business and a J.D. from the George Washington University Law School. She is a member of District of Columbia Bar and the State of Maryland Bar.
Community Health Care (CHC) is a private, nonprofit Federally Qualified Health Center based in Tacoma, Washington. LIIF provided CHC with a $14 million allocation of New Markets Tax Credits (NMTC) as part of a $27.5 million transaction for the construction of a new 59,000-square-foot regional health center. In addition to the NMTC allocation, LIIF and The Reinvestment Fund (TRF) provided a $4.3 million bridge loan to CHC through their Community Health Center Financing Initiative with the Kresge Foundation to be used as part of a leverage loan for the transaction. The completed Tacoma Hilltop Regional Health Center will offer primary and urgent care, specialty medical care for woman and children, a dental clinic, and a residency program. The new center will have a significant impact on the local community by generating 130 permanent full-time medical and administrative jobs. In addition, the project will help rejuvenate economic activity in the local community, providing stimulus for a variety of service and retail businesses in the Hilltop neighborhood. Opened in late 2013, the Hilltop Regional Health Center manages over 3,000 urgent care visits each year and provides medical services to 17,000 patients annually.
More Information
Community Capital for Health Clinics
New Markets Tax Credits
