Redefining Equity:

Young girl playing in packing box with her mother and father smiling behind her
Moving Beyond
"What" to "How"

In Their Own Words: LIIF Leadership Speaks on 2022ʼs Impact

Daniel A. Nissenbaum

LIIF Chief Executive Officer

Reymundo Ocañas

LIIF Board Chair
Director of Community Banking,
Executive Vice President, PNC Bank

LIIF – like everyone else in our society – is learning to adjust to a “new normal.” For many the “new normal” began with the COVID-19 pandemic. For us, we began redefining LIIF’s “new normal” in 2019 with the crafting of our strategic plan. As we hit the halfway mark of this transformational four-year roadmap, we feel even more confident in our mission of advancing racial equity through equitable capital deployment, the creation and preservation of affordable housing, and ensuring more communities have access to quality child care and education.

Kimberly Latimer-Nelligan


Our efforts continue to repair the long history of inequitable systems and financial institutions excluding Black, Latino, and other people and communities of color. I am pleased to share with you the progress we’ve made over the past year in redefining LIIF’s role in the community development ecosystem. In 2020, we set a goal to drive $5 billion in investments over the next decade to advance racial equity. Two years in, or 20% of the way, we are 26% there, having driven approximately $1.3 billion.

Lucy Arellano Baglieri

Executive Vice President and Chief Strategy Officer

Halfway through this strategic plan, LIIF is reflecting not only on our work, but on the external environment. These past few years are marked by the height of the COVID-19 pandemic, extreme political turmoil and highly publicized murders of Black Americans by police. While these compounded inequities already faced by Black, Latino, and other people and communities of color, they also prompted a national reckoning on social injustice and racial inequity.

2030 Goal

$ 5 B LIIF is driving $5 billion in investments over the next decade to advance racial equity.

This animation depicts a progress bar loading from 0% to 26% complete 26%



Affordable Housing

Child Care

*four statistics from LIIF’s inception in 1984 through June 30, 2022

Impact-Led Lending

Front of a brick building.

LIIF’s New IRP Framework Centering Impact in Our Lending

LIIF’s strategic pillar of impact-led lending springs from our goal of nimble deployment of capital as the vehicle for effecting deeper impact in the communities we serve. With racial equity center to our mission, LIIF needed to consider where and how our efforts as a CDFI addressed the systemic inequities that create barriers to opportunity for historically excluded communities, particularly Black, Latino, and other people and communities of color. This meant ensuring our lending approach centered impact.

Read the full letter Impact-Led Lending

THE “HOW”: The Villages of East River
Washington, D.C.
Our Impact-Risk-Profitability (IRP) framework will guide us to deeper and more intentional impact. An example of a project with high-impact priority elements is The Villages of East River. This 202-unit, scattered-site property comprising 16 buildings is located in the predominantly Black neighborhoods of Wards 7 and 8 of Southeast Washington, D.C. In our continuing efforts to create equity around housing, we provided a $6.4 million loan to NHT Communities, an SAHF member. The proceeds were used to refinance a maturing short-term acquisition loan, and LIIF assuming the first-lien position for the interim financing package that provided a bridge to a full recapitalization using tax-exempt bonds and 4% tax credits. Additionally, LIHTC was done through NAHT and our joint venture.

Affordable Housing

Front of a brick building with prominent fire escapes.

Solid Partnerships and a Foundation of LIIF's Work

LIIF has a longstanding history of innovative capital deployment that supports the expansion of the housing supply. While we have invested significant amounts to produce and preserve housing, we continued to grapple with a persistent housing crisis that significantly burdened Black, Latino, and other people and communities of color. As we embarked on our strategic planning journey, we recognized producing units was not enough. We needed a strategy that preserved affordable housing and addressed the systemic racism that encouraged the dismantling of Black and Latino communities. In order to make true impact we needed to create and leverage strategic partnerships.

Read more Affordable Housing

THE “HOW”: Frederick Samuel Apartments
New York City
Showcasing LIIF’s continued commitment to the preservation of affordable housing is the renovation of Harlem's Frederick Samuel Apartments. This is an existing cluster of 664 affordable units to be preserved via the PACT program, New York City’s version of HUD’s Rental Assistance Demonstration (RAD) program. Genesis Companies and Lemor Development Group are using $1 million each from their LIIF Black Developer Capital Initiative (BDCI) financing to meet an anticipated 2025 completion date. This development exemplifies LIIF’s belief that healthy communities start with stable, quality affordable housing and early care and education: A co-located child care center will be rehabbed, as will small business spaces and a community center serving local families.

Early Care and Education

Young toddler reaching right hand upwards.

LIIF Supporting the Sector to Set Up Parents and Children for Success

Creating communities of opportunity, equity and well-being requires us to examine how historically excluded communities are able to access quality, affordable child care. Through our strategic planning process, LIIF identified early care and education (ECE) as a vital component to a thriving community because when children are provided with high-quality care and education, they are able to succeed. When providers are given adequate funding, they are able to create nurturing learning environments for the children in their communities. When parents are able to access reliable, quality care they can afford, they are able to provide for their families.

Read more Early Care and Education

THE “HOW”: Teddyland Family Day Care
Los Angeles
LIIF awarded 317 grants via the City of Los Angeles COVID-19 Child Care Provider Grant Program, including to Owner Itza Sanchez of Teddyland Family Day Care in Torrance. The total awarded overall was $2.67 million, including $2.16 million of public resources and $510,000 of LIIF’s philanthropic resources received from the Wells Fargo Open of Business (OFB) program. Explains Itza, “Thanks to the grant I was able to remain open during the pandemic. I was able to keep my staff, plus pay rent/mortgage, taxes, insurance and utilities.”

Consolidated Financial Statements

Per Fiscal Year 2022 audited financials

LIIF assets for 2022 (as of June 30th), 2021, and 2020.
Assets 2022 2021 2020
Cash and investments $90,081,335 $59,568,994 $54,812,151
Restricted cash $49,520,580 $53,842,160 $45,238,522
Notes receivable $448,218,339 $515,213,892 $470,922,421
Allowance for loan losses ($16,759,967) ($18,188,743) ($17,891,493)
Other assets $30,059,662 $29,401,316 $23,069,241
Total Assets $601,119,949 $639,837,619 $576,150,842
LIIF liabilities for 2022 (as of June 30th), 2021, and 2020.
Liabilities 2022 2021 2020
Notes payable $390,846,156 $428,397,137 $411,147,769
Funds held in trust $7,749,806 $10,096,112 $7,432,208
Other liabilities $37,329,764 $43,785,300 $20,431,501
Total Liabiliies $435,925,726 $482,278,549 $439,011,478
LIIF total liabilities and net assets for 2022 (as of June 30th), 2021, and 2020.
Net Assets 2022 2021 2020
Noncontrolling interest in subsidiaries $4,440,476 $3,748,526 $0
Without donor restrictions $102,889,313 $101,016,834 $77,077,417
With donor restrictions $57,864,434 $52,793,710 $60,061,947
Total Net Assets $165,194,223 $157,559,070 $137,139,364
Total Liabilities and Net Assets $601,119,949 $639,837,619 $576,150,842

Thanks to those who support our mission.

  • Ballmer Group
  • Bank of America Charitable Foundation
  • Cathay Bank Foundation
  • Charles Schwab Bank, SSB
  • CIT/OneWest Bank, N.A. (First Citizens Bank)
  • City and County of San Francisco
  • CTBC Bank
  • D.C. Office of the State Superintendent of Education
  • Georgia Power Foundation
  • Goldman Sachs Foundation
  • Heising-Simons Foundation
  • HSBC Bank USA, N.A.
  • JPB Foundation
  • JPMorgan Chase Foundation
  • Kresge Foundation
  • Manufacturers Bank
  • Marisla Foundation
  • Morgan Stanley
  • New York Community Trust
  • Robert Wood Johnson Foundation
  • Santander Bank
  • Signature Bank
  • Truist Foundation
  • U.S. Bank National Association
  • U.S. Department of the Treasury CDFI Fund
  • Wells Fargo Foundation