2023 Annual Impact Report

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Five children sitting on a carpet listening while an adult talks to them.

Our Mission and Vision

Everyone in the United States should benefit from living in a community of opportunity, equity and well-being. LIIF mobilizes capital and partners to achieve this vision for people and communities.

Our History

The Low Income Investment Fund (LIIF) is a national community development financial institution (CDFI) with a rich history dating back nearly four decades. From our San Francisco headquarters, and with regional offices in Los Angeles, New York, Washington, D.C. and Atlanta, we have consistently pursued our mission.

LIIF is dedicated to supporting projects that have a high social value but lack access to traditional financial institutions. We have made a significant impact by strategically channeling capital into historically excluded communities. Our core focus on affordable housing and community facilities has been augmented by our work in early care and education (ECE). Over the past 25 years, especially during the pandemic, our ECE initiatives have expanded significantly, now encompassing facilities fund management, capacity building and advisory services.

In our commitment to deepen our impact in lending, we developed the Impact-Risk-Profitability (IRP) Framework. This ensures our work creates substantial social impact. Beyond capital deployment, LIIF advocates for adequate funding and flexible federal capital tools for CDFIs. This comprehensive approach enables us to foster communities of opportunity, equity and well-being across the nation.

Partially visible illustrated timeline photo of tiif

Leadership Perspective

Portrait photo of Daniel A. Nissenbaum
CEO Daniel A. Nissenbaum
As we set the stage for LIIF in the next decade, we are excited about the possibilities before us. We are determined to continue pushing the boundaries, thinking differently about the risks we are willing to take, and driving toward a future where everyone in the United States can live in a community of opportunity, equity and well-being.
 Read the full letter
Portrait photo of Reymundo Ocañas
Board Chair Reymundo Ocañas

LIIF is driving $5 billion in investments to advance racial equity (2020-2030)

43% reached by June 30, 2023

STRATEGIC HUBS ACROSS THE U.S.

$3.5B

invested in communities

2.5M

people served

101K

homes created or preserved

347K

child care slots created,
preserved or enhanced

*historical data 1984 inception-June 30, 2023

$35.6M

invested in communities

3.1K

people served

435

homes created or preserved

1.2K

child care slots created,
preserved or enhanced

*July 1, 2022-June 30, 2023

$50.6M

invested in communities

4K

people served

1.5K

homes created or preserved

4.8K

child care slots created,
preserved or enhanced

*July 1, 2022-June 30, 2023

$79.1M

invested in communities

4.7K

people served

1.1K

homes created or preserved

125

child care slots created,
preserved or enhanced

*July 1, 2022-June 30, 2023

$33.3M

invested in communities

950

people served

305

homes created or preserved

3K

child care slots created,
preserved or enhanced

*July 1, 2022-June 30, 2023

$27.5M

invested in communities

2.9K

people served

978

homes created or preserved

*July 1, 2022-June 30, 2023

I am proud to report that LIIF closed loans totaling $292 million in FY23 – our strongest lending year ever. We are creating lasting impact in regions, communities and individual lives.
— President Kimberly Latimer-Nelligan

GAP Community Child Development Center: LIIF Creating Power, Access and Agency

A quick glance inside just one of the classrooms at GAP Community Child Development Center showcases families from around the globe. While some were born in the U.S. — and even in GAP's Petworth community — many emigrated from countries such as Mexico, Nigeria and El Salvador. This local community resource is a true reflection of the multicultural community that comprises our nation's capital. You could also say that GAP serves as a multigenerational family center: Some parents, who were once children at GAP, have now enrolled their own young ones, and a few of the facility's educators actually began their journey at GAP as children.

Yet this community linchpin was on the verge of closing a few years back due to the dire effects of the pandemic combined with the ever-increasing rent and upkeep costs common in the gentrifying Petworth neighborhood.

That’s where LIIF came in, offering capital support in the form of lending and grants. GAP is now scaling up and is stronger than ever.

 Read the full story
Portrait of a person on a building rooftop with houses and sky in the background.
The reality is that without LIIF's support GAP would no longer be here. LIIF saw GAP's vision.
— GAP Community Child Development Center President and CEO Travis Hardmon
Hand holding a piece of paper with the largest phrase saying Racial Equity
I encourage other CDFIs to join this movement of scaling up racial equity in lending. Together, we are bettering communities, one loan and one developer at a time.
— President Kimberly Latimer-Nelligan

NAVIGATING CHANGE WITH LIIF'S IMPACT-RISK-PROFITABILITY FRAMEWORK

In 2020, the Low Income Investment Fund (LIIF) initiated a strategic shift toward integrating racial equity into all its work. Central to this change was the development of the Impact-Risk-Profitability Framework (IRP Framework), designed to recalibrate how we evaluate and execute lending decisions. The IRP Framework is not just a set of tools; it's a commitment to align our financial strategies with tangible impact, ensuring that our investments actively support racial equity.

We began our phased implementation of the framework in 2023, which has brought challenges and triumphs. Using the Impact Scorecard, Risk Rating Model and Profitability Model, the IRP Framework encourages a balanced approach to lending decision-making, where the impact on racial equity is weighed alongside traditional considerations of risk and profitability. This balance is essential in our pursuit of directing $5 billion in investments over the next decade, 2020-2030, toward community development projects that advance racial equity. Finding this balance has revealed key challenges and learnings.

 Read the full story

Affordable Housing: Reaching New Heights While Meeting the Moment to Address Market Economic Uncertainties

LIIF strives daily to meet its mission that “everyone in the United States should benefit from living in a community of opportunity, equity and well-being.” That mission is what inspired our Lending team toward having a banner year in 2023, driving a record $292 million into historically excluded communities across the nation. Of that amount, 77% of the loans closed funded affordable housing projects. Our community development financial institution (CDFI) has been entrenched in under-resourced communities for decades, with LIIF's North Star being quality, affordable housing as part of an ecosystem of support. Additionally, community facilities lending remains a strategic focus for LIIF in the child care, federally qualified health center (FQHC) and education sectors, equating to 23% of our FY23 closed loans.

 Read the full story  Learn more about other developers
Watch on YouTube: LIIF 2022 GDHD Cohort
I'm excited that this endeavor [GDHD] gives me an opportunity to level the playing field and have access to the capital we need to redevelop our community.
— Fifth Ward Community Redevelopment Corporation President and CEO Kathy Flanagan Payton (video) on how the Growing Diverse Housing Developers program has been scaling up her business
LIIF consistently looks to streamline our capital deployment for the production and preservation of affordable housing. We are scaling up, creating loan products to meet the moment, leveraging the successes of the past — and always with an eye to the future.
— President Kimberly Latimer-Nelligan
Photo of a school classroom with an adult and five small children.
LIIF has played a unique role in the ECE sector for 25 years. We found our efforts scaling up during the pandemic. Besides facilities fund management, our comprehensive ECE business plan includes capacity building and advisory services.
— President Kimberly Latimer-Nelligan

Early Care and Education: LIIF Scaling Solutions via New Business Plan

LIIF is recognized as a national leader and advocate for the early care and education (ECE) sector. What started a quarter century ago as a partnership with the City and County of San Francisco has burgeoned into a national model. Today, LIIF supports the building, expansion and improvement of facilities, further deepening our investment to ensure that quality child care is affordable and accessible for all families.

LIIF is addressing supply gaps in the sector with our new ECE business plan, a comprehensive approach centered on facilities fund management, capacity building and advisory services. LIIF is uniquely positioned as a community development financial institution (CDFI) best equipped to execute and attain its ECE goals, with a stellar ECE executive leadership team and over 50 full-time employees dedicated to supporting small, predominantly women-owned businesses to build capacity and preserve and expand the supply of child care across the country.

 Read the full story

About Our Partnerships

We forge strong partnerships with funders, foundations, government agencies and policymakers to foster racial equity in the production and preservation of affordable housing and community facilities, plus in the early care and education sector. Some examples follow evidencing how these partnerships lead to innovative programs, national funds and initiatives.

Black Developer Capital Initiative (BDCI)

Despite strong track records, many Black developers have been systemically denied access to capital that would enable them to build more homes and grow their businesses. The Black Developer Capital Initiative (BDCI) looks to combat that issue and comprises two products: the Line of Credit offered through LIIF, which provides early-stage project financing at a favorable interest rate, and the Low-Income Housing Tax Credit (LIHTC) Equity Fund offered through National Affordable Housing Trust (NAHT). There was $20 million deployed in the first round of funding, with another $20 million ready to be disbursed in a second round. Partners/investors include Arnold Ventures, Bank of America, Capital One, Goldman Sachs, MacKenzie Scott and Wells Fargo.

Keeping Homes Affordable (KHA)

Keeping Homes Affordable (KHA) is a national affordable housing preservation financing facility managed by LIIF. The fund’s goal is to provide acquisition financing for nonprofit and mission-driven, for-profit developers to acquire and preserve affordable multifamily projects. This partnership with Calvert Impact Capital and Arnold Ventures has already led to the deployment of $40 million (of $50 million fund total) starting in August 2022 through the end of FY23.

Purpose Built Communities

Since 2020, LIIF and Purpose Built Communities have partnered to support progress around holistic community redevelopment plans by providing access to resources through a suite of capital tools paired with technical assistance. LIIF brings project-level lending, flexible, long-term capital (“Equity with a Twist” or “EQT”) and capital grants to support network members. JPMorgan Chase serves as funder for EQT.

Growing Diverse Housing Developers (GDHD)

The Growing Diverse Housing Developers (GDHD) program supports the growth of BIPOC-led affordable housing developers across the nation, with a focus on California, Georgia, Texas, New York City, Philadelphia and Washington, D.C. In addition to supporting the enterprise growth of these developers, GDHD has the goal of producing at least 1,500 units of affordable housing. CDFIs Capital Impact Partners and Reinvestment Fund are partners in this work, with Wells Fargo serving as funder for the $40 million GDHD initiative.

Golden State Acquisition Fund (GSAF)

The numbers tell the story of the Golden State Acquisition Fund (GSAF): 10 years; 10,000 units; 100 properties. LIIF is the administrative agent, fund manager and an originator of a collaborative of eight CDFIs, in partnership with California Department of Housing and Community Development, for the acquisition of affordable housing sites, both preservation and new construction. With money revolved in a 3-1 ratio, there has been $292 million deployed (10-year anniversary video).

We're scaling up ! Thanks to Those Who Support Our Mission

  • 609 Broad Street
  • Alphadyne Asset Management
  • Amalgamated Bank
  • Annie E. Casey Foundation
  • Arnold Ventures
  • Ballmer Group
  • Bank of America Charitable Foundation
  • Bay Area Metropolitan Transportation Commission
  • California Department of Housing and Community Development
  • Calvert Impact Capital
  • Capital One
  • Cathay Bank Foundation
  • Charles Schwab Bank
  • City and County of San Francisco
  • City First Bank
  • Community Foundation for Greater Atlanta
  • Community Investment Guarantee Pool
  • CTBC Bank
  • D.C. Dept. of Housing and Community Development
  • D.C. Office of the State Superintendent of Education
  • Deutsche Bank Trust Company Americas
  • Erich and Hannah Sachs Foundation
  • Federal Home Loan Bank of San Francisco
  • First Citizens Bank
  • First Five Riverside
  • Ford Foundation
  • Goldman Sachs
  • Goldman Sachs Foundation
  • Georgia Power Foundation
  • Heising-Simons Foundation
  • Housing Partnership Network
  • HSBC Bank USA, N.A.
  • Invest Atlanta
  • JPB Foundation
  • JPMorgan Chase & Co.
  • JPMorgan Chase Foundation
  • Kalliopeia Foundation
  • Kresge Foundation
  • Lift to Rise
  • Los Angeles County Metropolitan Transportation Authority
  • Manufacturers Bank
  • Marisla Foundation
  • Massachusetts Housing Investment Corporation
  • Mercy Investment Services, Inc.
  • Metropolitan Transportation Commission
  • Mizuho Bank (USA)
  • Morgan Stanley
  • MUFG Union Bank
  • National Affordable Housing Trust
  • National Children's Facilities Network
  • National Resources Defense Council
  • New York City Acquisition Fund
  • New York City Housing Development Corporation
  • New York Community Trust
  • Northern Trust
  • NY Quarterly Meeting of the Religious Society of Friends
  • PNC Bank
  • Purpose Built Communities
  • Prudential Financial
  • Robert Wood Johnson Foundation
  • San Francisco Friends School
  • Santander Bank
  • Satterberg Foundation
  • Self-Help Federal Credit Union
  • Sisters of Charity of the Incarnate Word
  • Trillium Asset Management
  • Trinity Health Corporation
  • Truist Bank
  • Truist Foundation
  • UMC Benefit Board
  • U.S. Bank National Association
  • U.S. Department of the Treasury CDFI Fund
  • Wells Fargo Bank
  • Wells Fargo Foundation

Consolidated Financial Statements

Per Fiscal Year 2023 audited financials

In Millions

Assets 2023 2022 2021
Cash and investments 55 90 62
Restricted cash 38 50 51
Notes receivable 529 448 515
Allowance for loan losses (21) (17) (18)
Other assets 56 30 30
Total Assets 657 601 640
Liabilities and Net Assets
Liabilities 2023 2022 2021
Notes payable 450 391 428
Funds held in trust 6 8 10
Other liabilities 36 37 44
Total Liabilities 439 436 482
Net Assets 2023 2022 2021
Noncontrolling interest in subsidiaries 5 4 4
Without donor restrictions 105 103 101
With donor restrictions 54 58 53
Total Net Assets 164 165 158
Total Liabilities and Net Assets 657 601 640
Revenue 2023 2022 2021
Net financing income 11 17 16
Syndication fees 9 9 8
Grants and contributions 70 28 56
Other 9 4 2
Total Revenue 97 58 82
Expenses 2023 2022 2021
Program expenses 83 37 53
Supporting expenses 15 13 11
Total Expenses Before Noncontrolling Interest 98 50 64
Change in assets without donor restriction 3 3 27
Change in assets with donor restriction (4) 5 (7)
Change in Total Net Assets (1) 8 20

Board of Directors + Leadership

Officers

Reymundo Ocañas, Chair Executive Vice President, Director of Community Development Banking, Corporate Responsibility Group, PNC Bank
Jessica Sager, Vice Chair CEO, All Our Kin, Inc.
Russell J. Bruemmer, Secretary Retired Partner, Wilmer Cutler Pickering Hale
and Dorr
Dionne Nelson, Treasurer President and CEO, Laurel Street
Margaret Anadu Senior Partner, The Vistria Group
Tawanna A. Black Founder and CEO, Center for Economic Inclusion
Eileen Fitzgerald Founder and Principal, ThruSight
David Fleming, M.D. Distinguished Fellow, Trust for America’s Health
Donna Gambrell President and CEO, Appalachian Community Capital; Former Director, CDFI Fund
Calvin Gladney, LEED AP President and CEO, Smart Growth America
William Kelly Jr. Founder, Stewards of Affordable Housing for the Future
Gloria Lee Co-Founder and Head, Rise Community Capital LLC
Carol R. Naughton CEO, Purpose Built Communities
Daniel A. Nissenbaum Chief Executive Officer, Low Income Investment Fund
Erika Poethig Executive Vice President for Strategy and Planning, Civic Committee and Commercial Club of Chicago; Member of the Illinois Housing Development Authority
Yohana Quiróz, Ed.D. Chief Operations Officer, Felton Institute
Michael A. Solomon Managing Director, Community Development, Charles Schwab Banking and Trust Services
Daniel A. Nissenbaum Chief Executive Officer
Kimberly Latimer-Nelligan President
Lucy Arellano Baglieri Executive Vice President and Chief Strategy Officer
Panagiota Mahendru Executive Vice President and Chief Financial Officer
Denise Noel Executive Vice President and General Counsel
Dr. Tina R. Walker Executive Vice President and Chief People Officer
Rachel Bluestein Senior Vice President and Chief Program Officer
Angie Garling Senior Vice President, National ECE
Susan Hyman Senior Vice President and Chief Credit Officer
Stephanie McFadden Senior Vice President and Chief Lending Officer
Sumit Advani Vice President, Treasurer
Amir Ali Vice President for Community Facilities Lending and New Markets Tax Credits
Bishoy Azer ECE Vice President, Government Contracts and Operations
Pam Berkowitz Vice President, Western Region
Walter Chen Vice President and Associate General Counsel
Kim DiGiacomo ECE Vice President, Capacity Building
Wassia Kamon Vice President of Finance and Corporate Controller
LaToya Kyle Vice President, Southeast Region
Shelly Masur ECE Vice President, Advisory and State Policy
Maygen Moore Vice President Affordable Housing and National Funds
Kirsten Shaw Vice President, Northeast Region and Child Care
Christina Shiwbalak Vice President of Operations
Carolyn Smith Vice President of Strategic Communications
Jessica Standiford Vice President, Development and Impact Investing