LIIF Receives 2008 Wachovia NEXT Award for Advocacy

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San Francisco-based Low Income Investment Fund (LIIF) received the 2008 Wachovia NEXT Award for Opportunity Finance for Advocacy on Wednesday at the Opportunity Finance Network’s annual conference.

The award recognized LIIF’s “vision and leadership” through its work to pass the Housing and Economic Recovery Act of 2008, legislation that has the potential to bring hundreds of millions of dollars to the community development finance industry through a newly established Capital Magnet Fund. Building on this success, LIIF is now focusing its policy efforts on mitigating the impacts of the current economic crisis on the community capital industry and the people that it serves.

LIIF’s President and CEO Nancy O. Andrews said of the award, “The Low Income Investment Fund is honored to receive the Wachovia NEXT Award for Advocacy. LIIF’s policy work is critical in bringing attention and resources to address the needs of distressed communities, particularly in the current turbulent economic environment.

Corey Carlisle, LIIF’s Director of Federal Policy and Government Affairs, noted, “This award highlights the significant foresight of Nancy Andrews and LIIF’s Board of Directors in the community development policy arena. LIIF’s future policy initiatives will continue these efforts by working to ensure that the needs of the communities we serve are heard by key policy makers.

LIIF was one of four community development finance institutions (CDFI) to receive this national recognition. The award comes with a $25,000 grant, which LIIF will use to further its work on behalf of underserved communities across the nation.

The Wachovia NEXT Awards for Opportunity Finance in partnership with The John D. and Catherine T. MacArthur Foundation is run and funded through the Opportunity Finance Network by The Wachovia Foundation and The John D. and Catherine T. MacArthur Foundation. The awards recognize excellence among financial institutions that responsibly serve low-income and low-wealth people and communities, and were established to spotlight how CDFIs increasingly benefit our nation’s economy.