2024 Annual Impact Report
Investing in the Future
40 Years Strong
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.
The Low Income Investment Fund (LIIF) is a leading community development financial institution (CDFI) with a storied history dating back four decades. Today, we remain in the vanguard of innovative capital solutions. LIIF is dedicated to supporting projects needing catalytic capital. From our San Francisco headquarters — and with regional offices in New York City, Atlanta, Los Angeles and Washington, D.C. — LIIF invests to strengthen communities across the nation.
Since our founding, LIIF has invested more than $3.5 billion to serve 2.5 million people across the nation. We are steadfastly committed to increasing and preserving the supply of affordable homes, child care spaces and community facilities such as charter schools and federally qualified health centers (FQHCs). Our early care and education (ECE) strategies have expanded significantly, now comprising facilities fund management, capacity building and advisory services.
With a commitment to deepen our impact in lending, we developed the Impact-Risk-Profitability (IRP) Framework, which triangulates impact, risk and profitability to strategically allocate capital. Our goal is prioritizing financing that creates communities of opportunity for all.
As LIIF celebrates its 40th year of service and commitment to improving underserved communities, we express heartfelt gratitude to our supporters from the private, philanthropic and public sectors who have played a crucial role in this incredible journey. Your essential partnership has empowered us to strengthen our position as a trusted partner with a proven track record of success.
LIIF is driving $5 billion in investments to strengthen communities (2020-2030).
In 1984, the Low Income Investment Fund (LIIF) was created to address the growing challenges faced by underserved communities. Forty years later, LIIF stands as a national leader with a proud legacy of creating opportunities for millions of people and strengthening communities. Over the decades, LIIF has deployed $3.5+ billion in capital to support small businesses, create jobs and improve local economies while impacting the lives of 2.5 million people across the nation. These are lasting, transformative changes that are strengthening communities.
This milestone is more than just a celebration of years past: It’s a testament to the power of strategic investments and strong partnerships.
Our vision for affordable housing goes beyond simply deploying capital to developers for building or renovating properties; it’s about strengthening underserved communities to ensure individuals and families thrive. LIIF’s commitment to community is expanding access to more Americans via long-term, transformative investments.
At LIIF, we are committed to centering community voices as the foundation for driving sustainable change in the early care and education (ECE) sector. Providers, families and children each offer valuable insights into the challenges they face, and their experiences are integral to shaping our work. By listening to and prioritizing their voices, we gain a deeper understanding of the unique needs within communities, allowing us to more effectively address barriers and ensure our resources create long-term, sustainable solutions.
LIIF has provided the financial foundation to secure a seat at the table with current and future development partners. The line of credit offers the flexibility to leverage additional funding sources and more effectively scale our developments. With this funding, we can be involved in larger, high-impact projects that would have previously been out of reach.
— Alexis Laing, President and CEO, Laing Companies
This line of credit represents more than just funding — it's a vital tool that allows BOLD to execute our vision with precision and confidence. LIIF's support has been crucial in helping us maintain momentum on our mission to urgently expand the supply of affordable and workforce housing across California.
— Mike Miller, Founder and President, BOLD Communities
I am grateful for LIIF’s programs, which helped me fill a funding gap for an affordable housing project at a critical phase of the development process. Having supporters, such as LIIF, assists in bridging financial disparities for minority-owned real estate investment and development firms. My uncertainty turned into confidence. I thank you, LIIF, for believing in me and my project.
— Detra Harris, Principal, Strive Real Estate LLC
We forge strong partnerships with funders, foundations, government agencies and policymakers. LIIF’s lending solutions and partnerships support the production and preservation of affordable housing; positively impact children's spaces in the early care and education sector; and create community facilities in historically underserved communities. Some examples follow showcasing how these partnerships lead to innovative programs, national funds and initiatives.
Following the successful deployment of $20 million in its first round, LIIF launched a second $20 million round of the Black Developer Capital Initiative (BDCI), expanding to the West Coast. By FY24, BDCI lines of credit had financed the predevelopment of 40+ affordable housing projects expected to create or preserve over 4,000 affordable housing units in geographies from Los Angeles and New Orleans to Canton, Georgia and Newark, New Jersey. Partners include Arnold Ventures, Bank of America, Capital One, Community Investment Guaranty Pool, Ford Foundation, Goldman Sachs, MacKenzie Scott and Wells Fargo.
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 led to full deployment of the $50 million facility by the end of FY24, preserving over 730 units of affordable housing in communities across the United States.
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.
The Growing Diverse Housing Developers (GDHD) program supports the scaling of BIPOC-led affordable housing developers across the nation, with a focus on California, Georgia, Texas, New York City, Philadelphia and Washington, D.C. GDHD has the goal of supporting at least 1,500 units of affordable housing by offering developers grants, innovative capital products and a community of practice. CDFIs Capital Impact Partners and Reinvestment Fund are partners in this work, with Wells Fargo serving as funder for the $30 million GDHD initiative.
LIIF is the administrative agent, fund manager and an originator of a collaborative of eight CDFIs, in partnership with the 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-to-1 ratio, there has been nearly $540 million deployed over the fund’s 11 years to acquire and preserve more than 11,000 units of affordable housing across the state of California.
Per Fiscal Year 2024 audited financials (in millions)
| Assets | 2024 | 2023 | 2022 |
|---|---|---|---|
| Cash and investments | 58 | 55 | 90 |
| Restricted cash | 66 | 38 | 50 |
| Notes receivable | 639 | 529 | 448 |
| Allowance for loan losses | (13) | (21) | (17) |
| Other assets | 39 | 56 | 30 |
| Total Assets | 789 | 657 | 601 |
| Liabilities | 2024 | 2023 | 2022 |
|---|---|---|---|
| Notes payable | 519 | 450 | 391 |
| Funds held in trust | 29 | 6 | 8 |
| Other liabilities | 63 | 36 | 37 |
| Total Liabilities | 611 | 493 | 436 |
| Net Assets | 2024 | 2023 | 2022 |
|---|---|---|---|
| Noncontrolling interest in subsidiaries | 4 | 5 | 4 |
| Without donor restrictions | 121 | 105 | 103 |
| With donor restrictions | 54 | 54 | 58 |
| Total Net Assets | 179 | 164 | 165 |
| Total Liabilities and Net Assets | 790 | 657 | 601 |
Per Fiscal Year 2024 audited financials (in millions)
| Revenue | 2024 | 2023 | 2022 |
|---|---|---|---|
| Net financing income | 18 | 11 | 17 |
| Syndication fees | 6 | 9 | 9 |
| Grants and contributions | 42 | 70 | 28 |
| Other | 11 | 9 | 4 |
| Total Revenue | 77 | 97 | 58 |
| Expenses | 2024 | 2023 | 2022 |
|---|---|---|---|
| Program expenses | 57 | 83 | 37 |
| Supporting expenses | 17 | 15 | 13 |
| Total Expenses before noncontrolling interest | 74 | 98 | 50 |
| Change in Assets | 2024 | 2023 | 2022 |
|---|---|---|---|
| Change in assets without donor restriction | 15 | 3 | 3 |
| Change in assets with donor restriction | (1) | (4) | 5 |
| Change in total net assets | 14 | (1) | 8 |
