People + Place = Prosperity Accelerated

LIIF's investments help people jump-start and accelerate efforts to transform their neighborhoods and lives. Working together with partners across sectors, geographies and generations, LIIF seeks to make measurable, long-lasting impact in the communities we serve. Over the last 30 years, LIIF has worked with thousands of community partners, created more than $30 billion in social value and improved the lives of more than 1.7 million low income people. Ensuring our nation’s prosperity means creating opportunity for everyone. This is LIIF's legacy and the vision that will guide us during our next three decades of impact.

Joint Letter from LIIF’s Chair and President/CEO

Dear Friends:

This year marks the Low Income Investment Fund’s (LIIF’s) 30th anniversary. One measure of our impact over those 30 years stands out—the $30 billion in social value LIIF created by investing $1.5 billion. For every dollar LIIF has invested, we have generated $20 of benefits for our nation and for America’s most vulnerable families and communities. That translates into more money for household grocery budgets and rent, future earnings for students and dollars saved thanks to healthier lives. Ultimately, $30 billion in 30 years means more prosperity for the 1.7 million people we have served.

LIIF believes that we all benefit when more people are healthy, employed and living in thriving neighborhoods. To achieve this vision, we have committed to accelerating progress and innovation for LIIF and the places we work. Our investments continue to reach into new geographies and new sectors, and now touch the lives of half the country’s poor.

We continue to build on the momentum created by our What Works initiative and its message of investing in what works for America’s communities. This year, LIIF was proud to be asked to advise President Obama on his “ladders of opportunity” concepts for creating economic opportunity and revitalizing communities. We were also honored to be mentioned by Federal Reserve Board Chair Janet Yellen in her first public speech. We recognize that greater progress requires our sector to be able to demonstrate the impact of its investments on people and places. To this end, LIIF developed and launched the Social Impact Calculator in 2014 as a shared, open-source tool that monetizes the social value of community investments.

LIIF believes that we all benefit when more people are healthy, employed and living in thriving neighborhoods. To achieve this vision, we have committed to accelerating progress and innovation for LIIF and the places we work.

We are excited by LIIF’s trajectory, by our growth and what it means for our ability to increase the scale, scope and impact of our work. We are in one of the strongest and most productive periods of our history. For the second consecutive year, LIIF invested over $200 million in community capital. More collaboration with partners has enabled LIIF to mobilize more capital for more communities. By working with the Community Reinvestment Fund, Capital Impact Partners, IFF and The Reinvestment Fund (TRF), LIIF and its partners received a $200 million Community Development Financial Institutions Bond award, the largest award to date. We also launched the $130 million Collaborative for Healthy Communities, a partnership to support health centers with Goldman Sachs Urban Investment Group, The Kresge Foundation, Primary Care Development Corporation, Rockefeller Foundation and TRF.

Thirty billion dollars of impact in 30 years represents real, meaningful change for families and neighborhoods.  But we know that achieving our mission will require continuing to challenge old assumptions, taking new risks, answering tough questions and advancing our integrated vision.  By encouraging others to join us in approaches that link people and places, support long-term investments and demonstrate measurable results, we can accelerate our efforts to create prosperity for all.


Dan Letendre
Dan Letendre, Chair of the Board

Nancy O. Andrews
Nancy O. Andrews, President and CEO

Measuring Our Success

Over the past 30 years, LIIF has invested $1.5 billion dollars and served 1.7 million people. In the last 10 years, we have doubled our capital impact and tripled our human impact. LIIF is now measuring our social impact through the value our investments create for the families and communities we serve. Our investments across our five impact pathways have generated more than $30 billion in social value.

30 Years Adds Up to Impact

Healthy Food + Health Services + Economic Realization = A local job for Jerry and apples for Knickolas

square feet of healthy food space
jobs supported

Nojaim Brothers Supermarket, Syracuse, NY

Located in the Near Westside community of Syracuse, New York, Nojaim Brothers Supermarket is a family-owned grocery that has been a neighborhood anchor, an employer and a provider of locally-sourced healthy food for residents for over 90 years. Like many other cities that lost large industries, Syracuse and specifically, the Near Westside neighborhood, faced decades of disinvestment and population decline. Today, more than 40% of community lives in poverty and residents face limited access to affordable and healthy food. The Near Westside Initiative is a local coalition of public agencies, Syracuse University, nonprofits and local businesses like Nojaim Brothers Supermarket that is working to revitalize the neighborhood.

Given the difficult economic environment, the supermarket struggled and was faced with possible closure. LIIF stepped up to provide affordable financing through the New York Healthy Food and Healthy Communities (HFHC) Fund to support a renovation and expansion of the store. Now reopened, the store’s third-generation owner, Paul Nojaim, continues to seek ways to improve the community. The store is partnering with St. Joseph’s Hospital, Syracuse University and the Onondaga Department of Health to help address the issues of healthy food access and nutrition education. The collaboration is aiming to educate and empower Nojaim’s customer base to eat healthier through several programs, such as discounts on healthy food purchases and for those that opt-in, the opportunity to send their purchases electronically to their local health provider to receive nutrition counseling and information about healthy habits.

New York Healthy Food and Healthy Communities (HFHC) Fund partners include The Food Trust, Empire State Development and the Goldman Sachs Urban Investment Group.

Early Care & Education + Housing = An opportunity for Susan and her son to get ahead

affordable child care slots preserved
parent jobs preserved

Comprehensive Child Development, Long Beach, CA

Cabrillo Child Development Center is one of five centers operated by Long Beach-based Comprehensive Child Development (CCD). The center is located within the Century Villages at Cabrillo, a collaborative residential community aimed at breaking the cycle of homelessness. The community offers residents a full spectrum of services from supportive housing for veterans and homeless families to medical and employment services.

LIIF provided CCD with financing through its Los Angeles Early Childhood Education (LA ECE) Bridge Fund. The fund, launched with support from the California Community Foundation and First 5 Los Angeles, delivers critical support to providers in Los Angeles County who face state payment delays. When these funding deferrals threatened CCD’s ability keep its doors open, LIIF used the LA ECE Bridge Fund to provide the capital CCD needed to continue to offer high-quality, affordable care for hundreds of families. For the Cabrillo Child Development Center, this meant the parents in the community could keep climbing the ladder of opportunity by staying at work, school or training and support programs.

Health Services + Economic Revitalization = Making caring for Jean and her neighbors an everyday reality

patients served annually
square-foot new medical facility

Progressive Community Health Centers, Milwaukee, WI

Progressive Community Health Centers (PCHC) was created to address the unmet need for health care in high need areas of Milwaukee, Wisconsin. The organization delivers vital health care services to the medically underserved through its main clinic, as well as another site located within a public housing complex. Its main clinic is located in Milwaukee’s Washington Park neighborhood, where more than 60% of residents live in poverty. PCHC faced growing demand for its services, and its main clinic resources were stretched to full capacity.

LIIF provided New Markets Tax Credits and bridge financing to enable PCHC to finance the construction of a new 42,000-square-foot main medical facility. The new clinic will be four times larger and enable PCHC to grow from serving 8,000 to 20,000 patients annually. LIIF’s bridge financing was provided through the Collaborative for Healthy Communities, a national partnership of community development financial institutions, nonprofits and foundations that provides capital to finance and grow community health centers. In the new facility, PCHC will expand their range of services to include diagnostic radiology and mammography, nutrition counseling, diabetes education and, eventually, integrated behavioral health services.

Financing partners included IFF and JPMorgan Chase. The Collaborative for Healthy Communities partners include the Goldman Sachs Urban Investment Group, The Kresge Foundation, Primary Care Development Corporation (PCDC), Rockefeller Foundation and The Reinvestment Fund.

Community Services + Housing + Transit-Oriented Development = A hub of opportunity and place for Anthony and Liam to connect

square-feet of new community facility space
permanent jobs created

Utica Place, Brooklyn, NY

St. Matthew’s Church has served the Crown Heights neighborhood of Brooklyn for a century, offering a variety of community-oriented services for local families, youth and seniors. Its plans for expanded services were hindered by an existing community space that was too small and in disrepair. In partnership with L+M Development Partners, LIIF provided New Markets Tax Credits and leveraged financing for the construction Utica Place, a transit-oriented commercial and community facility that enabled St. Mathews to expand its community programs and bring economic activity to the neighborhood.

The new mixed-use building features an integrated combination of community facility space, commercial retail and child care services. St. Matthew’s Church now offers its programming out of the new community space, including academic mentoring, after-school youth activities and drug abuse counseling. The building’s high-quality early education center, which will serve 75 children, will provide dependable care and allow local working families with young children to keep working. With over 14,000-square-feet of retail, including a low-cost gym, the project is providing local employment opportunities and revitalizing a once struggling commercial corridor. The development is adjacent to a new 87-unit low income housing development, which will include dedicated supportive housing for veterans.

Financing partners included Goldman Sachs Urban Investment Group and Dudley Ventures.

Consolidated Statements of Financial Position

As of June 30 2014 2013 2012
Cash and investments $27,532,439 $22,280,504 $33,026,944
Restricted cash 34,194,856 35,182,625 29,815,824
Notes receivable 201,480,617 138,962,580 126,595,386
Allowance for loan losses (6,908,466) (6,945,404) (7,100,263)
Other assets 2,774,080 6,068,476 10,452,065
Total Assets $259,073,526 $195,548,781 $192,789,956
Liabilities and Net Assets      
Notes payable$151,561,713 $95,022,438 $99,219,454
Funds held in trust  17,329,349  15,019,300 13,777,669
Other liabilities 8,696,602 6,542,193 4,909,265
Total Liabilities $177,587,664 $116,583,931 $117,906,388
Net assets      
Unrestricted $41,808,931 $35,421,513 $32,686,482
Temporarily restricted 39,676,931 43,543,337 42,197,086
Total Net Assets $81,485,862 $78,964,850 $74,883,568
Total Liabilities and Net Assets $259,073,526 $195,548,781 $192,789,956

Consolidated Statements of Activities

for year ended June 30 2014 2013 2012
Interest and investment income, net $9,487,553 $7,807,331 $7,066,153
Technical assistance and consulting  1,794,107  1,736,933 3,595,424
Grants and contributions  7,003,378  4,306,759 15,849,844
Other  4,600,031  4,216,306 3,101,549
Total Revenues $22,885,069 $18,067,329 $29,612,970
Program expenses $16,047,040 $10,186,710 $13,510,974
Supporting expenses $4,317,017 $3,799,337 $3,334,722
Total Expenses $20,364,057 $13,986,047 $16,845,696
Change in unrestricted net assets $6,387,418 $2,735,031 $3,386,069
Change in temporarily restricted net assets (3,866,406) 1,346,251 9,381,205
Change in Total Net Assets $2,521,012 $4,081,282 $12,767,274
  • David Bligh
  • Astoria Federal Savings
  • California Community Foundation
  • Capital One Foundation
  • Charles Schwab Bank
  • CIT Bank
  • Citi Foundation
  • City and County of San Francisco, Human Services Agency
  • City and County of San Francisco, Office of Early Care and Education
  • Community Development Financial Institutions Fund
  • Deutsche Bank
  • Every Child Counts - First 5 Alameda
  • Federal Home Loan Bank of San Francisco
  • First 5 San Francisco
  • Ford Foundation
  • Robin Hacke
  • JPMorgan Chase Foundation
  • Lee and Perry Smith Fund
  • Living Cities
  • Manufacturers Bank
  • Marisla Foundation
  • Morgan Stanley
  • TD Charitable Foundation
  • The San Francisco Foundation
  • U.S. Bank
  • 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
  • Capital One
  • Chase New Markets Corporation
  • The David & Lucile Packard Foundation
  • Deutsche Bank Trust Company Americas
  • Erich & Hannah Sachs Foundation
  • Federal Home Loan Bank of San Francisco
  • First Republic Bank
  • Goldman Sachs Urban Investment Group
  • Hanmi Bank
  • HSBC Bank USA, NA
  • Impact Community Capital, LLC
  • The John D. & Catherine T. MacArthur Foundation
  • Mercy Investment Services, Inc.
  • Metropolitan Life Insurance Company
  • Mizuho Corporate Bank, Ltd.
  • Morgan Stanley
  • San Francisco Friends School
  • Signature Bank
  • Sisters of Charity of the Incarnate Word
  • U.S. Department of the Treasury Small Business Lending Fund
  • TD Bank USA, N.A.
  • Trinity Health Corporation
  • U.S. Trust Company N.A.
  • Wells Fargo Community Development Corporation
  • Banc of America Community Development Corporation
  • Boston Community Capital
  • California Charter Schools Association
  • California Department of Housing & Community Development
  • Calvert Foundation
  • Capital Impact Partners
  • Century Housing Corporation
  • Citi Community Capital
  • Civic Builders, Inc.
  • Clearinghouse CDFI
  • Community Development Commission of the County of Los Angeles
  • Corporation for Supportive Housing
  • Empire State Development
  • Enterprise Community Loan Fund
  • The Ford Foundation
  • Goldman Sachs Urban Investment Group
  • Housing Partnership Network
  • JPMorgan Chase Community Development Banking
  • The Kresge Foundation
  • Living Cities
  • Local Initiatives Support Corporation
  • Los Angeles Charter School New Markets CDE
  • Mercy Loan Fund
  • Metropolitan Transportation Commission
  • Morgan Stanley Bank, N.A.
  • New York City Acquisition Fund
  • New York City Department of Housing Preservation and Development
  • New York City Retirement Systems
  • Nonprofit Finance Fund
  • Northern California Community Loan Fund
  • OneCalifornia Bank
  • PNC Bank
  • Primary Care Development Corporation
  • The Reinvestment Fund
  • The Rockefeller Foundation
  • Rural Communities Assistance Corporation
  • The San Francisco Foundation
  • San Francisco Mayor's Office of Housing and Community Development
  • Self-Help Credit Union
  • SJM Partners, Inc.
  • U.S. Bancorp Community Development Corporation


Dan Letendre, Chair
CDFI Lending & Investing Executive, Bank of America

Andrew Ditton, Vice Chair
Managing Director, Municipal Services Division, Citi Community Capital

Phyllis Caldwell, Secretary
Former Chief Homeownership Preservation Officer, U.S. Department of Treasury

Barry Zigas, Treasurer
Founder, Zigas & Associates LLC


Nancy O. Andrews
President & CEO, Low Income Investment Fund

Derek Douglas
Vice President for Civic Engagement, University of Chicago

Pamela S. Johnson
Founder (retired), PSJ Advisors

Kirsten Moy
Former Director, Scale Initiatives, Economic Opportunities Program, Aspen Institute

Daniel Nissenbaum
Director, Community Reinvestment Act Programs, Urban Investment Group, Goldman Sachs

Joseph Reilly
President & CEO, The Community Development Trust

Kathryn Rock
Former Chief Financial & Risk Officer, Calvert Foundation

Sarah Rosen Wartell
President, Urban Institute

Community Facilities Loan Committee
Phyllis Caldwell (Chair)
Carolyn Hack, Uncommon Schools
Pamela Johnson, PSJ Advisors (retired)
Priya Jayachandran, Bank of America
Adam Miller, Edtec
Rebecca Regan, Housing Partnership Network
Matthew Reilein, JP Morgan Chase

Housing & Commercial Real Estate Committee
Joe Reilly, Community Development Trust (Chair)
Amy Brusiloff, Bank of America
Alice Carr, JP Morgan Chase
John Chan, U.S. Bank
Lindy Hahn, Morgan Stanley
Matt Kelly, Phipps Housing
Mark Rasmussen, CCRC
Barry Zigas, Zigas & Associates LLC

New Markets Tax Credit Advisory Board
Sister Mary Alice Hannan, Desda’s Gate
Richard Manson, LISC
Dan McLaughlin, One Purpose Charter School
Paul Miller, Kidango
Andrew Reicher, Urban Homesteading Assistance Board
Ref Rodriguez, Partners for Developing Futures
John Weidman, The Food Trust

Eastern Region Advisory Committee
David Beer, Common Ground
Amy Brusiloff, Bank of America
Beth Gilroy, Bank of Tokyo Mitsubishi
Susan Hyman, JP Morgan Chase Bank, N.A.
Priya Jayachandran, Bank of America
Becky Koch, HSBC Bank USA
Asad Mahmood, Deutsche Bank
Lesley Palmer, Mizuho Corporate Bank, Ltd.
Mariadele Priest, Capital One
Rebecca Regan, Housing Partnership Network
Laura Sparks, William Penn Foundation
Roy Swan, Morgan Stanley
David Umansky, Civic Builders
Margaret Warden, Goldman Sachs

Western Region Advisory Committee
Matt Schwartz, California Housing Partnership Network
Gail Lannoy, Bank of America
Rick Gentry, San Diego Housing Commission
Maria Bustria-Glickman, U.S. Bank Community Development Corp.
David Erickson, Federal Reserve Bank, San Francisco
Adam Miller, Edtec
Hunter Johnson, LINC Housing
Arjun Nagarkatti, AMCAL Housing
Dean Matsubayashi, Little Tokyo Service Center
Allison Brooks, Reconnecting America
Laura Kozel, Launchpad Development Company
Doug Shoemaker, Mercy Housing California

San Francisco Child Care Facilities Fund Program Advisory Committee
Gretchen Ames, San Francisco Child Care Providers Association
Natalie Kriger, Nakali Consulting
Sally Large, Friends of St. Francis Day Care
Ingrid Mezquita, First Five San Francisco
David Whitfield Pearson, San Francisco Head Start/Early Head Start Program
Michele Rutherford, San Francisco Department of Human Services
Delores Smith, Children's Council of San Francisco
Maria Luz Torre, Parent Voices
Kathleen White, City College of San Francisco

  • Nancy O. Andrews, President and CEO
  • Craig Adelman, Director, Transit Oriented Development
  • Ki Allen, IT Director
  • Diane Borradaile, SVP, National Markets and Capital Solutions
  • Cecile Chalifour, Director, California Region
  • Melissa Garcia, Director, Central Region and Washington D.C.
  • Jonathan Harwitz, Managing Director, Federal Policy and Government Affairs
  • Roxanne Huey, VP, Finance and Corporate Controller
  • Kimberley Latimer-Nelligan, Chief Operating Officer and EVP, Community Investment Programs
  • Amy Laughlin, Director, National New Markets Tax Credits
  • Donald P. Lofe, Jr., EVP, Chief Financial Officer and Chief Administrative Officer
  • Brian Prater, SVP, Strategic Development and Corporate Affairs
  • Kirsten Shaw, Director, Eastern Region
  • Jessica Standiford, Director, Development
  • Liz Tracey, SVP, Western Expansion Markets
  • Candace Wong, Director, California Child Development Programs

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About LIIF
As a leading national community development financial institution, the Low Income Investment Fund (LIIF) invests capital to support healthy families and communities. LIIF employs a holistic approach by investing in strategies that connect people, places and opportunity: affordable housing, child care, quality education, health and transit-oriented development. LIIF provides loans, grants and technical assistance and works to advance policies that increase economic opportunity and mobility for low income people.

Mission & Vision
LIIF is dedicated to creating pathways of opportunity for low income people and communities. Serving the poorest of the poor, LIIF is a steward for capital invested in community-building initiatives. In so doing, LIIF provides a bridge between private capital markets and low income neighborhoods.