2020 Annual Impact Report

Equity & Resilience

Dear friends:

In a new year that feels full of both hope and challenge, we, at the Low Income Investment Fund (LIIF), are ready to get to work. Our mission: to create a more equitable and resilient future by investing to support communities of opportunity, equity and well-being.

2020 seemed relentless—from the COVID-19 pandemic and economic fallout to a collective racial awakening around the Black Lives Matter movement to a historically contentious election. It was a year of immense collective struggle that will have long-lasting effects.

Read the full letter
LIIF Board Chair Carol Redmond Naughton and CEO Daniel A. Nissenbaum
LIIF Board Chair Carol Redmond Naughton and CEO Daniel A. Nissenbaum

Our strategic plan

In 2020, LIIF launched a new strategic plan to guide our priorities and work through 2024. At its core is a commitment to racial equity—both internally and across communities. Our efforts will be focused in three key areas: affordable housing, early care and education (ECE), and impact-led lending through a new investment model focused on racial equity. These are areas where low-income communities and communities of color face deep inequities and where we believe we can make the most significant impact on people’s long-term well-being and economic mobility.

View the plan
LIIF will drive $5 billion in investments over
the next decade to advance racial equity

Equity Will Drive LIIF’s Business

LIIF President Kimberly Latimer-Nelligan looks to the year ahead at how we're operationalizing our commitment to racial equity through new initiatives and an evaluation tool.

Read more
$2.8 billion
invested in communities
2.2 million
people served
83,000 homes
created or preserved
276,000 child care slots
created, preserved or enhanced

Consolidated Financial Statements

Financial Position

Financial Activities

As of June 30 2020 2019 2018
Cash and investments 54,812,151 46,613,979 35,468,369
Restricted cash 45,238,522 44,494,763 26,998,260
Notes receivable 470,922,421 441,359,287 423,244,628
Allowance for loan losses (17,891,493) (15,248,398) (12,652,523)
Other assets 23,069,241 11,316,784 18,308,287
Total Assets 576,150,842 528,536,415 491,367,021
Notes payable 411,147,769 383,735,873 360,006,555
Funds held in trust 7,432,208 12,122,628 10,272,738
Other liabilities 20,431,501 9,478,525 8,403,687
Total Liabilities 439,011,478 405,337,026 378,682,980
Net Assets
Without donor restrictions 77,077,417 74,092,186 62,113,112
With donor restrictions 60,061,947 49,107,203 50,570,929
Total Net Assets 137,139,364 123,199,389 112,684,041
Total Liabilities and Net Assets 576,150,842 528,536,415 491,367,021
As of June 30 2020 2019 2018
Net financing income 14,931,664 11,458,827 10,904,707
Technical assistance and consulting 242,056 6,806,174 4,632,954
Grants and contributions 30,027,412 16,612,436 13,993,547
Other 3,967,630 6,516,476 3,165,436
Total Revenue 49,168,762 41,393,913 32,696,644
Program expenses 24,347,664 22,375,008 19,348,732
Supporting expenses 9,706,056 8,503,557 8,286,062
Total Expenses 34,053,720 30,878,565 27,634,794
Change in unrestricted net assets 2,985,231 11,979,074 5,053,502
Change in temporarily restricted net assets 10,954,744 (1,463,726) 8,348
Change in Total Net Assets 13,939,975 10,515,348 5,061,850

Thanks to those who support our mission.

Funders & Donors


Financing Partners

Board of Directors


Senior Staff

    • Ballmer Group
    • Bank of America Charitable Foundation
    • BBVA Compass Foundation
    • California Community Foundation
    • Capital One Foundation
    • Cathay Bank Foundation
    • Charles Schwab Bank
    • CIT Bank
    • City and County of San Francisco Give2SF Fund
    • City of Los Angeles Economic and Workforce Development Department
    • City National Bank
    • Cisco Systems, Inc.
    • DC Office of the State Superintendent of Education
    • Early Childhood Partners Fund in The New York Community Trust
    • Esther A. & Joseph Klingenstein Fund
    • First 5 Alameda County
    • First 5 California
    • First 5 LA
    • Goldman Sachs Bank USA
    • Greater Washington Community Foundation
    • Heising-Simons Foundation
    • HSBC Bank USA, N.A.
    • Marisla Foundation
    • Manufacturers Bank
    • Morgan Stanley
    • MUFG
    • Robert Wood Johnson Foundation
    • Robin Hood Foundation
    • San Francisco Office of Early Care and Education
    • SeaChange-Lodestar Fund for Nonprofit Collaboration
    • Signature Bank
    • Silicon Valley Community Foundation
    • TD Bank Charitable Foundation
    • The JPB Foundation
    • The Kresge Foundation
    • U.S. Bank Foundation
    • U.S. Department of the Treasury CDFI Fund
    • Wells Fargo Foundation
    • WestEd
    • Amalgamated Bank
    • Banc of America Community Development Corporation
    • BBVA USA
    • Capital One
    • Charles Schwab Bank
    • CIT Bank
    • Community Foundation for Greater Atlanta
    • Deutsche Bank Trust Company Americas
    • Erich & Hannah Sachs Foundation
    • Federal Home Loan Bank of San Francisco
    • First Republic Bank
    • Ford Foundation
    • HSBC Bank USA, N.A.
    • JPMorgan Chase
    • L.A. County Housing Innovation Fund (LACHIF)
    • Mercy Investment Services, Inc.
    • Metropolitan Transportation Commission
    • Mizuho Bank
    • Morgan Stanley
    • New York Quarterly Meeting of the Religious Society of Friends
    • Northern Trust
    • San Francisco Friends School
    • Santander Bank
    • Signature Bank
    • Sisters of Charity of the Incarnate Word
    • TD Bank
    • Trinity Health Corporation
    • U.S. Bank National Association
    • U.S. Department of the Treasury Community Development Financial Institutions Fund
    • U.S. Department of the Treasury Small Business Lending Fund
    • Wells Fargo
    • A Regional Coalition for Housing (ARCH)
    • Ballmer Group
    • California Community Foundation
    • California Department of Housing & Community Development
    • Calvert Impact Capital
    • Calvert Social Investment Foundation
    • Capital Impact Partners
    • Century Housing Corporation
    • City First Bank
    • City of San Diego
    • Civic San Diego
    • Community Foundation of Greater Atlanta
    • Community Vision
    • Corporation for Supportive Housing (CSH)
    • District of Columbia Department of Housing and Community Development
    • Enterprise Community Loan Fund
    • Enterprise Community Partners
    • Ford Foundation
    • Great Communities Collaborative
    • Housing Trust Silicon Valley (HTSV)
    • Invest Atlanta
    • JPMorgan Chase
    • King County Housing Authority
    • Living Cities Blended Catalyst Fund
    • Local Initiatives Support Corporation (LISC)
    • Los Angeles County Development Authority, Community Development Commission
    • Los Angeles County Metropolitan Transporation Authority (MTA)
    • Mercy Loan Fund
    • Meta Housing Corporation
    • Metropolitan Transportation Commission
    • Morgan Stanley
    • National Affordable Housing Trust (NAHT)
    • Natural Resources Defense Council
    • New Jersey Community Capital
    • New York City Acquisition Fund
    • New York City Department of Housing Preservation and Development
    • Nonprofit Finance Fund
    • redefinED atlanta
    • Reinvestment Fund
    • Robert Wood Johnson Foundation
    • Rural Community Assistance Corporation (RCAC)
    • San Francisco Office of Early Care and Education
    • Seattle Office of Housing
    • Self-Help Credit Union
    • State Charter Schools Foundation of Georgia
    • Tennessee Charter School Center
    • The California Endowment
    • The JPB Foundation
    • The Kresge Foundation
    • The Prudential Insurance Company of America
    • UMC Benefit Board, Inc.
    • U.S. Bank
    • U.S. Department of Education
    • Washington State
    • Weingart Foundation

Fiscal Year 2020 Members

    • Carol Redmond Naughton, Chair
      President, Purpose Built Communities
    • Reymundo Ocañas, Vice Chair
      EVP, Director, Communications and Responsible Business, BBVA USA
    • 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
      Distinguished Fellow, Trust for America’s Health (TFAH)
    • 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 Nissenbaum
      President & CEO, Low Income Investment Fund
    • Michael A. Solomon
      Vice President, Community Development, Charles Schwab Bank
    • Roy Swan
      Director, Mission Investments, Ford Foundation

Lending Risk Committee

    • William Kelly, Jr. (Chair)

      Stewards of Affordable Housing for the Future

    • Pamela Johnson

      (Formerly) Fannie Mae

    • Reymundo Ocañas

      BBVA USA

    • Michael A. Solomon

      Charles Schwab Bank

    • Roy Swan

      Ford Foundation

New Markets Tax Credit Advisory Board

    • Mikki Anderson

      Purpose Built Communities

    • Marla Dean

      Bright Beginnings

    • Ted Lempert

      Children Now

    • Kimberly McKay

      BRIDGE Housing

    • Feliciano Vera

      Mission Economic Development Agency

    • Thomas Yu

      Asian Americans for Equality

Eastern Region Advisory Committee

    • David Beer

      Breaking Ground

    • Amy Brusiloff

      Bank of America

    • 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

    • Tiena Johnson-Hall

      BBVA Compass

    • Laura Kozel

      Rocketship Education

    • Suny Lay Chang

      LINC Housing

    • Richard Mandel

      California Housing Partnership Corporation

    • Adam Miller


    • Arjun Nagarkatti

      AMCAL Housing

    • Debbie Ruane

      Norwood Development Strategies

    • Doug Shoemaker

      Mercy Housing California

    • Tim Silva

      Wells Fargo

San Francisco Child Care Facilities Fund Program Advisory Committee

    • Fonda Davidson

      Cross Cultural Family Center

    • Melinda Deng

      Kai Ming

    • Graham Dobson

      San Francisco Office of Early Care and Education

    • Anne Kwong

      Chinatown Community Children's Center

    • Lawland Long

      Faces SF

    • Mona Malan

      Children’s Council of San Francisco

    • Christina Marchiel

      Mission Kids Co-Op

    • Michael Neumann

      Wu Yee Children’s Services

    • Mario Paz

      Good Samaritan Family Resource Center, Inc.

    • Corey Santillan

      La Bamba Preschool Family Child Care Home

    • Yohanna Quiroz

      Felton Institute

    • Oscar Tang

      Family Child Care Assocation of SF & CA Family Child Care Network

    • Kathleen White

      City College of San Francisco

    • Sumit Advani

      Director of Treasury

    • Leila Ahmadifar

      VP, National Markets

    • Lucy Arellano Baglieri

      Chief Strategy Officer & SVP

    • Sabrina Baptiste

      Chief Administrative Officer & EVP

    • Rachel Bluestein

      SVP, National Programs

    • Joseph Bringazi

      Director of IT

    • Giles Coates

      Chief Financial Officer & EVP

    • Kim DiGiacomo

      Western Region Director, Early Care & Education Programs

    • Sondra Ford

      Director, SPARCC Initiative

    • Melissa Garcia

      Director, National Lending Initiatives

    • Angie Garling

      National Director, Early Care & Education Programs

    • Patricia GoPaul

      General Counsel & EVP

    • Samantha Hojo

      Director, Special Projects

    • Roxanne Huey

      VP, Finance & Corporate Controller

    • Charlie Hutton

      Director, Portfolio Accounting

    • Susan Hyman

      Chief Credit Officer & SVP

    • Celeste Krishna

      Director, Loan Administration & Asset Management

    • Kimberly Latimer-Nelligan


    • Amy Laughlin

      VP, Structerd Products and Capital Markets

    • Daniel A. Nissenbaum

      Chief Executive Officer

    • Kirsten Shaw

      Director, Northeast & Mid-Atlantic Regions

    • Jessica Standiford

      VP, Development and Impact Investing

    • Paul Wetterholm

      Assistant Controller