Annual Report 2015

All In:

Communities that work for everyone

When every citizen thrives, we all benefit. The Low Income Investment Fund (LIIF) invests to make communities work for everyone, using all the tools at our disposal to ensure that children can reach their full potential and families live in healthy, vibrant, resilient communities. To achieve this mission, we are challenging ourselves to think, work and invest in new ways, joining forces with old allies and new partners alike. LIIF is all in for America’s children and families.

LIIF's Impact







people served



in benefits
to communities

Joint Letter From LIIF's Chair and President/CEO

Dear Friends

The Low Income Investment Fund’s (LIIF) charge of creating pathways of opportunity for low income families is as pressing today as at our founding more than 30 years ago. The American Dream is out of reach for too many people. This situation is not only unjust, but also has huge costs for our nation’s progress. We must do better. We must go all in.

LIIF’s investments get neighborhoods working for their residents by surrounding them with the basic elements of success: an affordable home, a way to get to work, a place to get a great education, a safe and healthy place to play. Healthy, connected communities are launch pads for low income families. They give kids a jump start to life. These neighborhoods have value for all of us, but creating them is not a simple task with a one-size-fits-all solution. It requires us to be more inclusive, collaborative and innovative than ever.

LIIF has embraced this challenge. Our experience investing nearly $2 billion in community capital to create $47 billion in social value shows that integrative initiatives have the best chance of turning the dial on poverty and inequality. Our work on the Partners in Progress program to support community quarterbacks leading neighborhood transformation has benefited 1 million people in 10 cities nationwide and led to a forum by The Atlantic on “Making Cities Work.” We are now launching a $6 million capital product, Equity with a Twist, to provide low-cost, flexible capital to organizations pursuing outcomes-driven, evidence-based and silo-busting strategies.

We must embrace new partners to make communities truly work for everyone. LIIF is leading national conversations with the environmental, health care and transit fields to further shared goals around health, equity and sustainability. In an acknowledgement of the groundbreaking success of the Bay Area Transit-Oriented Affordable Housing Fund, the Metropolitan Transportation Commission is making an additional investment which will help expand the fund from $60 million to $90 million.

LIIF’s organizational strength enables us to pursue these cutting edge efforts. Our capital deployment remains at a historically high level, and our balance sheet is solid. This year, we received our eighth consecutive and largest New Markets Tax Credit allocation of $60 million, which will enable us to continue to invest in the highest-impact community projects.

We are proud to mark another successful year for LIIF and are grateful to the many partners who work tirelessly alongside us to create opportunity for low income children, families and neighborhoods. Our challenge is great, but we believe our field is up to the task. That is why LIIF is marshalling all of its resources, capital and creativity to make every community work. In short, LIIF is all in.


Andrew Ditton
Andrew Ditton, Current Chair of the Board

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

Dan Letendre
Dan Letendre, Former Chair of the Board

Kingsley House


in social value

When Jerry – a Louisiana native and veteran - first visited the Kingsley House, he was hesitant about senior centers. After spending just one afternoon there, however, he experienced the vibrancy and care that has kept him coming back. Now, when Jerry goes to Kingsley House for health services and senior activities, he greets their preschool students and the other seniors as his family.

In Jerry’s New Orleans community, LIIF’s investment in Kingsley House – a longstanding nonprofit service provider – is supporting children, seniors and families still rebuilding their lives 10 years after Hurricane Katrina. With financing from LIIF, including an allocation of New Markets Tax Credits, Kingsley House is building a new, 24,000-square-foot state-of-the-art facility to expand its early childhood education and senior health services. The new site will enable Kingsley House to serve more seniors and preschool children – meeting the need of its 500-family long waitlist.

Play Video

Connecting my dad to young people keeps his spirits high and makes him feel loved.


Project Partners: Chase, Louisiana Office of Community Development, Patrick F. Taylor Foundation

The Greg Jackson Center for Brownsville


Residents connected to jobs

In the Brownsville neighborhood of New York, LIIF is supporting Community Solutions – a national non-profit serving as a community quarterback for a local coalition of partners. Through Partners in Progress, LIIF has supported Community Solutions’ collective impact approach in Brownsville. In addition, LIIF provided financing to Community Solutions to build the Gregory Jackson Center for Brownsville, a community center to foster connections among local residents, nonprofits, businesses and public agencies in Brownsville.

The new 13,800-square-foot facility provides a space for community innovators to collaborate around pressing neighborhood challenges like unemployment, health disparities and educational barriers. Dedicated flex space will host community problem solving sessions and nonprofit office space will co-locate local organizations working on collaborative community-building approaches. In addition, the new facility will house the neighborhood’s first employment center to meet Community Solutions’ goal of connecting 5,000 Brownsville residents to jobs in three years, a critical goal in a community where 44% of adult residents are out of the workforce. Within its first few months of opening, the center is already slated to host more than 40 public events, establishing it as a vibrant hub for the community.

Project Partners: Citi Foundation, New York City Economic Development Corporation

Cross-Cultural Family Center


in social value

Tyrell moved his family to the Visitacion Valley neighborhood so that his daughter could grow up in a safe community. Now, when he drops her off at the Cross-Cultural Family Center (CCFC) in the mornings, he feels grateful that he has a secure, convenient and welcoming place for her to learn and play while he is at work. At the end of the day, Tyrell knows he’ll pick his daughter up happy after a full day of her favorite activities: engaging in circle time and playing ninja and doctor.

In the diverse Visitacion Valley community of San Francisco, residents successfully lobbied the city to revitalize a long-abandoned community center for the neighborhood’s use. LIIF supported CCFC with grant funding to ensure that the new center includes space for much needed high-quality early childhood education alongside family services. With LIIF’s financing, CCFC updated the old playground, fit-out classrooms with new equipment and educational toys and renovated bathrooms and other shared space. The center now serves more than 30 neighborhood children, like Tyrell’s daughter, providing them with engaging opportunities to learn. In a community with few child care services, CCFC is a vital resource for working parents and families.

Knowing that there’s somewhere great for my daughter to learn right in the heart of my community means everything to my family


Project Partners: First 5 San Francisco, San Francisco Mayor’s Office of Housing and Community Development, San Francisco Office of Early Childhood Education

DC Prep


Students Served

DC Prep’s Benning Street Campus is located in the city’s Benning neighborhood, where 83% of students qualify for free or reduced-price lunches. LIIF provided a leverage loan and an allocation of New Market Tax Credits to DC Prep – one of the highest performing public school networks in Washington, DC; 100% of its students go on to enroll in college-prep high schools.  LIIF’s financing enabled the school to add two grades, creating a full pre-kindergarten to 8th grade education pipeline for the community. The renovated building and new 30,000-square-foot addition will house 700 eager students once it reaches full enrollment in 2017. With a focus on elementary and middle school success, DC Prep will prepare eager students for success in high school and beyond.

Project Partners: Bank of America, City First, Telesis Corporation

Selected Financial Data

Consolidated Statements of Financial Position

As of June 30 2015 2014 2013
Cash and investments $21,877,891 $27,532,439 $22,280,504
Restricted cash   26,975,337 34,194,856 35,182,625
Notes receivable  229,836,878 201,480,617 138,962,580
Allowance for loan losses (7,642,972) (6,908,466) (6,945,404)
Other assets  9,576,129 2,774,080 6,068,476
Total Assets $280,623,263 $259,073,526 $195,548,781
Liabilities and Net Assets      
Notes payable $169,672,399 $151,561,713 $95,022,438
Funds held in trust  10,002,986  17,329,349  15,019,300
Other liabilities  9,694,828 8,696,602 6,542,193
Total Liabilities $189,370,213 $177,587,664 $116,583,931
Net Assets      
Unrestricted $44,293,272 $41,808,931 $35,421,513
Temporarily restricted  46,959,778 39,676,931 43,543,337
Total Net Assets $91,253,050 $81,485,862 $78,964,850
Total Liabilities and Net Assets $280,623,263 $259,073,526 $195,548,781

Consolidated Statements of Activities

for Fiscal Year 2015 2014 2013
Net financing income $8,776,707 $9,250,713 $6,665,877
Technical assistance and consulting   1,759,998  1,794,107  1,736,933
Grants and contributions  13,127,122  7,003,378  4,306,759
Other  3,093,459  3,550,947  2,961,526
Total Revenue $26,757,286 $21,599,145 $15,671,095
Program expenses $11,755,633 $14,761,116 $7,790,476
Supporting expenses  5,234,465  4,317,017  3,799,337
Total Expenses $16,990,098 $19,078,133 $11,589,813
Change in unrestricted net assets $2,484,341 $6,387,418 $2,735,031
Change in temporarily restricted net assets 7,282,847 (3,866,406) 1,346,251
Change in Total Net Assets $9,767,188 $2,521,012 $4,081,282
  • Astoria Bank
  • Bank of America
  • Bill & Melinda Gates Foundation
  • California Community Foundation
  • Capital One Foundation
  • Charles Schwab Bank
  • Cisco Systems, Inc.
  • Citi Foundation
  • City and County of San Francisco, Human Services Agency
  • City and County of San Francisco, Office of Early Care and Education
  • Deutsche Bank
  • Every Child Counts - First 5 Alameda
  • First 5 Los Angeles
  • First 5 San Francisco
  • Ford Foundation
  • Goldman Sachs Bank USA
  • Robin Hacke
  • HSBC Bank USA, N.A.
  • The John D. & Catherine T. MacArthur Foundation
  • JPMorgan Chase Foundation
  • The Kresge Foundation
  • Lee and Perry Smith Fund
  • Living Cities
  • MacArthur Foundation
  • Manufacturers Bank
  • Marisla Foundation
  • Morgan Stanley
  • MUFG Foundation
  • Signature Bank
  • U.S. Bank Foundation
  • U.S. Department of the Treasury CDFI Fund
  • Walton Foundation
  • Wells Fargo Foundation
  • Banc of America Community Development Corporation
  • Bank of America, N.A.
  • Blue Shield of California Life & Health Insurance Company
  • Capital One, N.A.
  • 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
  • HSBC Bank USA, NA
  • Impact Community Capital, LLC
  • The John D. & Catherine T. MacArthur Foundation
  • JPMorgan Chase Bank, N.A.
  • Mercy Investment Services, Inc.
  • MetLife
  • Mizuho Bank (USA)
  • Morgan Stanley Bank, N.A.
  • The San Francisco Friends School
  • The Congregation of the Sisters of Charity of the Incarnate Word
  • U.S. Department of the Treasury Small Business Lending Fund
  • U.S. Department of the Treasury CDFI Fund
  • TD Bank USA, N.A.
  • Trinity Health Corporation
  • Wells Fargo Community Development Corporation
  • Banc of America Community Development Corporation
  • Boston Community Capital
  • California Department of Housing & Community Development
  • Calvert Social Investment Foundation
  • Capital Impact Partners
  • Century Housing Corporation
  • Citi Community Capital
  • Civic Builders, Inc.
  • Clearinghouse CDFI
  • Community Development Commission of the County of Los Angeles
  • Community Reinvestment Fund, Inc.
  • Corporation for Supportive Housing
  • Empire State Development
  • Enterprise Community Loan Fund
  • The Federal Financing Bank
  • The Ford Foundation
  • Goldman Sachs Urban Investment Group
  • Housing Partnership Network
  • IFF
  • 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
  • PNC Bank
  • Primary Care Development Corporation 
  • Prudential Insurance Company of America
  • Raza Development Fund
  • The Reinvestment Fund
  • The Rockefeller Foundation
  • Rural Community Assistance Corporation
  • The San Francisco Foundation
  • San Francisco Mayor's Office of Housing and Community Development
  • Self-Help Credit Union
  • U.S. Department of the Treasury CDFI Fund
  • SJM Partners, Inc.
  • SunTrust Community Capital, LLC
  • U.S. Bancorp Community Development Corporation

Andrew Ditton, Chair
Head of CRA Business Strategy & Execution, Citi Community Capital

Barry Zigas, Vice Chair
Founder, Zigas & Associates LLC

Phyllis Caldwell, Secretary
Founder, Wroxton Civic Ventures LLC

Kathryn Rock, Treasurer
Former Chief Financial & Risk Officer, Calvert Foundation

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

Russ Bruemmer
Senior Counsel, Wilmer Cutler Pickering Hale and Dorr

Derek Douglas
Vice President for Civic Engagement, University of Chicago

David Fleming
Vice President, Public Health Impact, PATH

Pamela S. Johnson
Founder (retired), PSJ Advisors

William Kelley
Founder, Stewards of Affordable Housing for the Future

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

Joseph Reilly
President & CEO, The Community Development Trust 

Sarah Rosen Wartell
President, Urban Institute

Community Facilities Loan Committee
Phyllis Caldwell (Chair)
Carolyn Hack, Uncommon Schools
Pamela Johnson
Adam Miller, Edtec
Rebecca Regan, Housing Partnership Network
Matthew Reilein, JP Morgan Chase

Housing & Commercial Real Estate Loan 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

New Markets Tax Credit Advisory Board
Sabrina Ayala, Green Dot Public Schools
Sarah Batterton, Uncommon Schools
Kathleen Brownlee, Purpose Built
Kim Dempsey, Kresge Foundation
Sister Mary Alice Hannan, Desda’s Gate (group home)
Paul Miller, Kidango
William O’Brian, Primary Care Development Corporation
Andrew Reicher, Urban Homesteading Assistance Board
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
Sam Marks, Deutsche Bank
Lesley Palmer, Mizuho Corporate Bank, Ltd.
Mariadele Priest, Capital One
Rebecca Regan, Housing Partnership Network
Kristen Scheyder, Citi Foundation
Laura Sparks, William Penn Foundation
Roy Swan, Morgan Stanley
David Umansky, Civic Builders
Margaret Warden, Goldman Sachs

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

San Francisco Child Care Facilities Fund Program Advisory Committee
Fonda Davidson, Cross Cultural Family Center
Sabrina Haman, Mission Economic Development Agency
Rosemarie Kennedy, Family Child Care Association of San Francisco
Natalie Kriger, Nakali Consulting
Sally Large, Friends of St. Francis Day Care
Maria Luz Torre, Parent Voices
Mona Malan, Children’s Council of San Francisco
Ingrid Mezquita, First Five San Francisco
Michael Neumann, Wu Yee Children’s Services
Michele Rutherford, San Francisco Department of Human Services
Kathleen White, City College of San Francisco

  • Craig Adelman, Director of Transit-Oriented Development
  • Ki Allen, IT Director
  • Nancy O. Andrews, President & CEO
  • Rachel Bluestein, VP, Strategic Initiatives & Programs
  • Diane Borradaile, SVP, National Markets & Capital Solutions
  • Cecile Chalifour, Director, California Region
  • Melissa Garcia, Director, Central Region & Washington, D.C.
  • Jonathan Harwitz, Managing Director, Federal Policy & Government Affairs
  • Dan Heldridge, Director, Lending Operations
  • Samantha Hojo, Director of Communications
  • Roxanne Huey, VP, Finance & Corporate Controller
  • Susan Hyman, Chief Credit Officer
  • Kimberley Latimer-Nelligan, Chief Operating Officer, EVP, Community Investments & Programs
  • Amy Laughlin, Director, National New Market Tax Credits
  • Donald P. Lofe Jr., EVP, Chief Financial Officer & Chief Administrative Officer
  • Brian Prater, EVP, Strategy, Development & Public Affairs
  • Rita Schueling, Director of Human Resources
  • Kirsten Shaw, Director, Eastern Region
  • Jessica Standiford, Director of Development
  • Candace Wong, Director, California Child Development Programs

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.