LIIF Announces New Board Chair and Three New Directors
The Low Income Investment Fund is pleased to announce the election of Carol Redmond Naughton as chair of the LIIF Board of Directors and the expansion of the Board with three new directors: Margaret Chinwe Anadu, Head of Urban Investment Group, Merchant Banking Division at Goldman Sachs; Erika C. Poethig, Chief Innovation Officer and Vice President at Urban Institute; and Michael A. Solomon, Vice President at Charles Schwab Banking & Trust Services. Each director will serve a three-year term.
“Derek Douglas’ Board leadership was crucial for LIIF through our executive team transition and ensured that LIIF remained strong in its performance and steady in its mission. For that we are very grateful,” said LIIF CEO Daniel A. Nissenbaum. “As LIIF is now developing a new strategic plan as well as a racial equity action plan, Carol’s guidance and perspective as a practitioner and leader of one of the most prominent and successful models of integrated community development will be enormously valuable for us.”
Ms. Naughton, a LIIF Board member since 2016, is President of Purpose Built Communities. She has been a leader in comprehensive community revitalization for 20 years.
“This is an exciting time for LIIF as we develop plans that will chart the organization’s course for the next several years,” said Ms. Naughton. “I appreciate the work the Board has done to this point, and I look forward to working with Dan, the Board and the Executive team as LIIF develops its vision for the future.”
The addition of three new Board members expands LIIF’s Board to 15 people and deepens the group’s expertise in commercial markets, investment strategies, and measurement and evaluation. The new directors also continue LIIF’s commitment to diversity among the Board and staff.
Full biographies of Ms. Naughton and the new directors are below. Learn more about LIIF’s Board of Directors here.
Carol Redmond Naughton, Chair
President, Purpose Built Communities
Carol Redmond Naughton has been a leader in comprehensive community revitalization for more than 20 years and was a founding staff member of Purpose Built Communities. In her role as President, she is responsible for leading the consulting teams that support revitalizations in 12 cities, as well as the teams currently vetting opportunities in 35 additional cities, including several in metro Atlanta.
Ms. Naughton ensures that clients are focusing their time and resources on the highest impact activities in their respective neighborhoods and serves as the primary public spokesperson for Purpose Built Communities at conferences and events around the country. The work she has led has been recognized as uniquely successful by many, including Warren Buffett, Ben Bernanke, the White House Office of Neighborhood Revitalization, the Urban Land Institute, Mutual of America, Wells Fargo, Bank of America, the Education Trust, the San Francisco Federal Reserve Bank and the Secretaries of the U.S. Departments of Housing and Urban Development (HUD) and Education.
Previously, Ms. Naughton served as the Executive Director of the East Lake Foundation, the community quarterback organization that developed and continues to implement the model of community revitalization that Purpose Built Communities is charged with replicating around the country. In this role she helped develop and nurture cross-sector relationships in wellness and education, including the first public charter school in Atlanta. Under her leadership, the East Lake Foundation was recognized by the Urban Land Institute as a Global Award of Excellence Winner in 2003.
Prior to joining the East Lake Foundation, Ms. Naughton was General Counsel and Deputy Executive Director for Legal and Nonprofit Affairs for the Atlanta Housing Authority where she served as a key member of the leadership team that brought AHA from the brink of receivership to national recognition as a sophisticated, progressive sponsor of affordable housing programs and community development. While at AHA, she played a significant role in developing the legal and financial model for mixed income housing.
Before joining AHA, Ms. Naughton was an attorney with Sutherland, Asbill & Brennan’s real estate group, where she primarily represented developers, lenders and asset managers. She is a member of the 2016 class of Leadership Atlanta and is on the national steering committee of LOCUS. She is a graduate of the Emory University School of Law and was Executive Editor of the Emory Law Journal, and graduated cum laude with an AB in Political Science from Colgate University.
Margaret Chinwe Anadu
Head of Urban Investment Group, Merchant Banking Division, Goldman Sachs
Ms. Anadu is head of the Urban Investment Group (UIG), a domestic, multi-asset class investing and lending business that provides equity and debt to real estate projects and social enterprises to benefit underserved communities. Established in 2001, UIG has committed nearly $8 billion to community and economic development investments, serving as a catalyst in the revitalization of distressed urban neighborhoods. Ms. Anadu serves on the Goldman Sachs Bank USA Management Committee and is chair of the Urban Investment Group Capital Committee. She is also a lead investor for Launch With GS, Goldman Sachs’ $500 million commitment to narrow the gender investing gap.
Previously, Ms. Anadu worked in Equity Derivatives in the Securities Division. She joined Goldman Sachs as an analyst in 2003 and was named managing director in 2013 and partner in 2018.
Ms. Anadu serves on the boards of several community and economic development nonprofit organizations, including the Brooklyn Bridge Park Corporation, Center for an Urban Future, Core Innovation Capital, Ascend Learning, Low Income Investment Fund and Food Bank of New York City.
She earned a BA in Computer Science from Harvard College.
Erika C. Poethig
Chief Innovation Officer and Vice President, Urban Institute
Erika Poethig is the Chief Innovation Officer and Vice President at the Urban Institute. She leads the Research to Action Lab, an innovation hub serving decisionmakers and creative thinkers eager to effect social change. The Lab draws on the breadth and depth of Urban’s research insights to test new strategies; develop cutting-edge tools, programs, and trainings; and provide strategic advice to public, philanthropic, nonprofit, and private-sector leaders.
Before joining Urban, Ms. Poethig was Acting Assistant Secretary for Policy, Development, and Research at the US Department of Housing and Urban Development. During her tenure in the Obama administration, she was also Deputy Assistant Secretary for Policy Development and was a leading architect of the White House Council for Strong Cities and Strong Communities. At the MacArthur Foundation, she was Associate Director for Housing. She was also Assistant Commissioner for Policy, Resource, and Program Development at the City of Chicago’s Department of Housing. In the 1990s, she developed Mayor Richard Daley’s campaign to combat predatory lending, prevent foreclosures, and stabilize communities. Previously, she was Associate Project Director of the Metropolis Project, which produced the Metropolis 2020 agenda for regional leadership around the major issues faced by the metropolitan Chicago area. Ms. Poethig serves on the boards of Mercy Housing and The College of Wooster.
Ms. Poethig was a Phi Beta Kappa member at The College of Wooster, was a Fulbright Scholar at the University of Vienna, and has an MA with honors in public policy from the University of Chicago.
Michael A. Solomon
Vice President, Charles Schwab Banking & Trust Services
Since 2010, Michael A. Solomon has served as Vice President of Charles Schwab Banking & Trust Services and CRA Officer of Charles Schwab Bank and Charles Schwab Premier Bank. In this capacity he leads and provides strategic direction and oversight for the CRA programs of Charles Schwab Bank and Charles Schwab Premier Bank, which have combined assets of $225 billion. In this role he also manages the community development lending, investment, grant and community outreach programs of the banks.
Prior to joining Charles Schwab, Mr. Solomon was a Senior Vice President at Bank of America Merrill Lynch, where he managed a $300 million real estate equity portfolio for the Community Development Banking group. Before the acquisition of Merrill Lynch by Bank of America, he was First Vice President of Merrill Lynch Community Development Company. During his tenure at Merrill Lynch he variously managed community development lending, investments and CRA compliance activities for the Merrill Lynch banks. Prior to his work at Merrill Lynch, Mr. Solomon was a Vice President at the JP Morgan Community Development Corporation, where he worked in community and economic development finance.
Before working in community development, Mr. Solomon was for twelve years Counsel to Debevoise & Plimpton, a major New York City international law firm, where he practiced real estate, corporate and community development law, and Luskin, Stern & Eisler LLP, a boutique law firm in New York City specializing in bankruptcy and finance.
Mr. Solomon was law clerk to the Honorable Edward R. Korman, Chief Judge, United States District Court, Eastern District of New York.
Mr. Solomon holds a law degree with honors from Brooklyn Law School, a Master of Arts in Political Science with honors from the Nelson A. Rockefeller Graduate School of Public Affairs (State University of New York) and a Bachelor of Arts from the State University of New York at Albany.