2019 Impact Report

Dear Friends:

In America today, a child’s ZIP code is one of the most powerful predictors of her future life — her health, her education and her longevity. At the Low Income Investment Fund (LIIF), we believe that all people — no matter where they live — should have the opportunity to be healthy and achieve their full potential. Today, we are in the midst of a new wave of thinking — one that is taking a more serious look at how an equity lens must be applied to our work.

Read the full letter
LIIF CEO Daniel A. Nissenbaum (center) with Carol Redmond Naughton (FY20 Board Chair) and Derek Douglas (FY19 Board Chair)
LIIF CEO Daniel A. Nissenbaum (center) with Carol Redmond Naughton (FY20 Board Chair) and Derek Douglas (FY19 Board Chair)
$68 billion in benefits to families and communities
$2.5 billion invested in communities
2.1 million people served

Since 1984, LIIF has invested capital to increase the supply of affordable homes and critical community facilities. Our investments have created jobs and expanded amenities and services for millions of Americans, 97% of whom are low-income.

Learn more about our impact

Consolidated Financial Statements

Financial Position

Financial Activities

As of June 30 2019 2018 2017
Cash and investments 46,613,979 35,468,369 34,795,691
Restricted cash 44,494,763 26,998,260 42,484,893
Notes receivable 441,359,287 423,244,628 329,259,261
Allowance for loan losses (15,248,398) (12,652,523) (9,956,112)
Other assets 11,316,784 18,308,287 17,570,309
Total Assets 528,536,415 491,367,021 414,154,042
Notes payable 383,735,873 360,006,555 276,012,426
Funds held in trust 12,122,628 10,272,738 16,001,705
Other liabilities 9,478,525 8,403,687 14,517,720
Total Liabilities 405,337,026 378,682,980 306,531,851
Net Assets
Without donor restrictions 74,092,186 62,113,112 57,059,610
With donor restrictions 49,107,203 50,570,929 50,562,581
Total Net Assets 123,199,389 112,684,041 107,622,191
Total Liabilities and Net Assets 528,536,415 491,367,021 414,154,042
As of June 30 2019 2018 2017
Net financing income 12,811,408 10,904,707 10,840,196
Technical assistance and consulting 6,806,174 4,632,954 3,337,175
Grants and contributions 16,612,436 13,993,547 20,362,659
Other 5,163,895 3,165,436 3,420,209
Total Revenue 41,393,913 32,696,644 37,960,239
Program expenses 22,375,008 19,788,933 15,144,762
Supporting expenses 8,503,557 7,845,861 7,077,584
Total Expenses 30,878,565 27,634,794 22,222,346
Change in unrestricted net assets 11,979,074 5,053,502 4,916,581
Change in temporarily restricted net assets (1,463,726) 8,348 10,821,312
Change in Total Net Assets 10,515,348 5,061,850 15,737,893

Thanks to those who support our mission.

Funders & Donors


Financing Partners

Board of Directors


Senior Staff

    • Bank Of America Foundation
    • BBVA Compass Foundation
    • Blue Shield of California Foundation
    • California Community Foundation
    • California Conservation Innovations program of Resources Legacy Fund
    • Capital One Foundation
    • Cathay Bank Foundation
    • Charles Schwab Bank
    • CIT/OneWest Bank, N.A.
    • Citi Foundation
    • Community Foundation for Greater Atlanta
    • Federal Home Loan Bank of San Francisco
    • First 5 California
    • Ford Foundation
    • HSBC Bank USA, N.A.
    • JP Morgan Chase Foundation
    • Manufacturers Bank
    • Morgan Stanley
    • Natural Resources Defense Council
    • Office of the State Superintendent of Education
    • Orange County Community Foundation
    • Robert Wood Johnson Foundation
    • TD Bank Charitable Foundation
    • The California Endowment
    • The JPB Foundation
    • The Kresge Foundation
    • U.S. Bank
    • U.S. Department of the Treasury CDFI Fund
    • U.S. Department of Education
    • Wells Fargo Foundation
    • Amalgamated Bank
    • Banc of America Community Development Corporation
    • Bank of America, N.A.
    • BBVA Compass
    • Brighthouse Financial, Inc.
    • Capital One, N.A.
    • Charles Schwab Bank
    • Community Foundation for Greater Atlanta
    • CSAA
    • Deutsche Bank Trust Company Americas
    • Erich & Hannah Sachs Foundation
    • Federal Home Loan Bank of San Francisco
    • First Republic Bank
    • Ford Foundation
    • Goldman Sachs Urban Investment Group
    • HSBC Bank USA
    • JP Morgan Chase Bank, N.A.
    • LA County Housing Innovation Fund (LACHIF)
    • Mercy Investment Services, Inc.
    • Metropolitan Transportation Commission
    • Mizuho Corporate Bank
    • Morgan Stanley Bank, N.A.
    • Northern Trust Corporation
    • PNC Financial Services Group, Inc.
    • San Francisco Friends School
    • Signature Bank
    • TD Bank USA, N.A.
    • The Congregation of the Sisters of Charity of the Incarnate Word
    • The David & Lucile Packard Foundation
    • The New York Quarterly Meeting the Religious Society of Friends
    • Trinity Health
    • U.S. Bank, N.A.
    • U.S. Department of the Treasury CDFI Fund
    • U.S. Department of the Treasury Small Business Lending Fund
    • Wells Fargo & Company
    • 609 Broad Street Managers, LLC
    • A Regional Coalition for Housing
    • BlueHub Loan Fund, Inc.
    • California Community Foundation
    • California Department of Housing & Community Development
    • Calvert Social Investment Foundation
    • Capital Impact Partners
    • Century Housing Corporation
    • City First Bank
    • City of NY Department of Housing Preservation and Development
    • City of Seattle
    • Community Foundation for Greater Atlanta
    • Community Loan Fund of New Jersey
    • Community Vision
    • Corporation for Supportive Housing
    • Enterprise Community Loan Fund
    • Enterprise Community Partners
    • Evelyn & Walter Haas Jr. Fund
    • Housing Trust Silicon Valley
    • JP Morgan Chase
    • King County Housing Authority
    • LA County Development Authority
    • LA County Metropolitan Transportation Authority
    • Living Cities
    • Local Initiatives Support Corporation
    • Mercy Loan Fund
    • Meta Housing Corporation
    • Metropolitan Transporation Commission
    • Mimi and Peter Haas Fund
    • Morgan Stanley
    • New York City Acquisition Fund
    • National Affordable Housing Trust
    • Nonprofit Finance Fund
    • Rural Community Assistance Corporation
    • San Francisco Office of Early Care and Education
    • Self-Help Credit Union
    • State of Washington
    • Tennessee Charter School Center
    • The California Endowment
    • The Property & Casualty Initiative, LLC
    • The Prudential Insurance Company of America
    • The Reinvestment Fund
    • UMC Benefit Board, Inc.
    • US Bank
    • Weingart Foundation
    • Carol Naughton, Chair

      President, Purpose Built Communities

    • Rey Ocañas, Vice Chair

      EVP, Director, Communications and Responsible Business, BBVA Compass

    • Janis Bowdler, Secretary

      President, JPMorgan Chase Foundation

    • Russell Bruemmer, Treasurer

      Retired Partner, Wilmer Cutler, Pickering, Hale and Dorr

    • Laksiri Abeysekera

      Retired Director Corporate Services, International Center for Biosaline Agriculture

    • Margaret Anadu

      Head of the Urban Investment Group Consumer & Commercial Banking Division, Goldman Sachs

    • Derek Douglas

      Vice President for Civic Engagement and External Affairs, University of Chicago

    • David Fleming, MD

      Vice President, Public Health, PATH

    • Donna Gambrell

      President & CEO, Appalachian Community Capital
      Former Director, CDFI Fund

    • Pamela Johnson

      (Formerly) Senior Vice President and Chief Credit Officer, Fannie Mae

    • William Kelly, Jr.

      Founder, Stewards of Affordable Housing for the Future

    • Daniel A. Nissenbaum

      Chief Executive Officer, Low Income Investment Fund

    • Erika C. Poethig

      Vice President and Chief Innovation Officer, Urban Institute

    • Michael A. Solomon

      Vice President, Community Development, Charles Schwab Bank

    • Roy Swan

      Director, Mission Investments, Ford Foundation

New Markets Tax Credit Advisory Board

    • Sabrina Ayala

      Green Dot Public Schools

    • Sara Batterton

      Uncommon Schools

    • Kathleen Brownlee

      Purpose Built Communities

    • Kim Dempsey

      Housing Partnership Network

    • Ted Lempert

      Children Now

    • Kimberly McKay

      BRIDGE Housing

    • William O’Brien

      Primary Care Development Corporation

    • Thomas Yu

      Asian Americans for Equality

Eastern Region Advisory Committee

    • David Beer

      Breaking Ground

    • Amy Brusiloff

      Bank of America

    • Beth Gilroy

      MUFG Union Bank, N.A.

    • John Kimble

      (Formerly) Deutsche Bank

    • Becky Koch

      HSBC Bank USA, N.A.

    • Lesley Palmer

      Mizuho Bank, Ltd.

    • Mariadele Priest

      Capital One

    • Rebecca Regan

      Housing Partnership Network

    • Kristen Scheyder

      Citi Foundation

    • Joan Tally

      Morgan Stanley

    • David Umansky

      Civic Builders

Western Region Advisory Committee

    • Allison Brooks

      Bay Area Regional Collaborative

    • Maria Bustria-Glickman

      U.S. Bank Community Development Corporation

    • David Erickson

      Federal Reserve Bank of New York

    • Tiena Johnson-Hall

      BBVA Compass

    • Laura Kozel

      Rocketship Education

    • Suny Lay Chang

      LINC Housing

    • Richard Mandel

      California Housing Partnership Corporation

    • Dean Matsubayashi*

      Little Tokyo Service Center
      *A longtime partner and community advocate, Matsubayashi passed in 2019

    • Adam Miller


    • Arjun Nagarkatti

      AMCAL Housing

    • Debbie Ruane

      San Diego Housing Commission

    • Anne Sewill

      California Community Foundation

    • Doug Shoemaker

      Mercy Housing California

    • Tim Silva

      Wells Fargo

San Francisco Child Care Facilities Fund Program Advisory Committee

    • Fonda Davidson

      Cross Cultural Family Center

    • Graham Dobson

      San Francisco Office of Early Care and Education

    • Mona Malan

      Children’s Council of San Francisco

    • Michael Neumann

      Wu Yee Children’s Services

    • Kathleen White

      City College of San Francisco

    • Leila Ahmadifar

      VP, Western Region and National Markets

    • Sabrina Baptiste

      Chief Administrative Officer & SVP

    • Rachel Bluestein

      VP, National Programs

    • Joseph Bringazi

      Head of IT

    • Giles Coates

      Chief Financial Officer & EVP

    • Kim DiGiacomo

      Director, Early Care & Education Programs, Western Region

    • Sondra Ford

      Director, Strong, Prosperous, And Resilient Communities Challenge (SPARCC)

    • Melissa Garcia

      Director of National Lending Initiatives

    • Angie Garling

      National Director, Early Care & Education Programs

    • Patricia GoPaul

      General Counsel & EVP

    • Jonathan Harwitz

      Managing Director, Federal Policy & Government Affairs

    • Samantha Hojo

      Director, Special Projects

    • Roxanne Huey

      VP, Finance & Corporate Controller

    • Susan Hyman

      Chief Credit Officer & SVP

    • Kimberly Latimer-Nelligan


    • Amy Laughlin

      VP, Structerd Products and Capital Markets

    • Daniel A. Nissenbaum

      Chief Executive Officer

    • Kirsten Shaw

      Director, Northeastern Region

    • Jessica Standiford

      VP, Development and Impact Investing

    • Christina Travers

      VP, Financial Planning, Analysis & Capital Strategies

    • Yvonne Yin-Fong Tun

      Director of Accounting