“This last fiscal year is memorable. LIIF continued its transformative investments in the preservation and production of affordable housing across the nation, extending our footprint and being a bellwether around capital innovation.”
So summarizes LIIF Senior Vice President, Chief Lending Officer Maygen Moore of her Lending Team’s annual impact. Moore’s statement is all-the-more powerful when considering LIIF needed to weather economic uncertainties, stubbornly high interest rates and a political climate shift. Since our 1984 inception, affordable housing has been the foundation of our lending, with 100,000+ units produced or preserved. Interestingly, we began as the Low Income Housing Fund, so it was right in the name from the start.
Flash forward to today and the Low Income Investment Fund (LIIF) is now a renowned organization reliably deploying catalytic capital in states red and blue, communities urban to rural, so all Americans are afforded the opportunity to succeed. We serve as an asset manager and operate as a nonprofit impact fund laser focused on strategic investments in undercapitalized communities.
With 65 loans closed in Fiscal Year (FY) 25, it’s a challenge to decide which projects to spotlight from our main investment regions of Northeast/Mid-Atlantic, Southeast and Western. So, we asked our market leads for the FY25 deals of which they and their regional lenders are most proud, narrowed down to top three standouts, and offered insight into their capital innovation and tried-and-true strategies for ensuring impact in the communities we serve.
Northeast/Mid-Atlantic Regions
We tailor our lending to meet the unique needs of both a community and a particular developer, but one thing remains consistent: our dedication to strengthening historically undercapitalized communities across the region.
LIIF Vice President, Northeast and Mid-Atlantic Regions Kirsten Shaw
- Pilgrim Village, Downtown Buffalo, New York
Production of affordable housing
Loan amount: $3.2 million acquisition loan
Developers: BFC Partners and SAA|EVI
When LIIF heard that developers wanted to turn a vacant lot in Downtown Buffalo into 150 units of affordable housing, we were all in. Our organization provided a $3.2 million acquisition loan to a pair of mission-aligned developers, BFC Partners and SAA|EVI, with this catalytic capital jumpstarting Phase 3 of their effort to create these affordable homes, in this case for community members at 40% to 80% Area Median Income (AMI). Ultimately, this creates neighborhood sustainability once constructed via financing by the New York State Housing Finance Agency (HFA). Importantly, our loan scored high on LIIF’s internal Impact-Risk-Profitability (IRP) scorecard, with a “stand-out” rating. That means a loan was determined to be particularly impactful to the community by cultivating empowerment and engagement among residents. This is critically needed in this one-square-mile 14209 ZIP code, where 25% of households are living below the poverty line — double the rate for the region. - Girard House, Columbia Heights, Washington, D.C.
Preservation of affordable housing
Loan amount: $3.8 million acquisition loan; $965,000 from DC Affordable Housing Preservation Fund; and $620,000 from Capital Magnet Fund
Developer: Mi Casa
As affluent northwest Washington, D.C.’s housing costs escalated, residents started moving eastward one neighborhood at a time. Eventually, Columbia Heights was gentrifying, its gently sloping hill offering south-facing National Mall views from new condo buildings piercing the sky, complemented by a bustling restaurant scene along the 14th Street corridor. This put pricing pressures on longtime residents of the southern reaches of the neighborhood, with a majority of Black denizens and a history of activism, and the northern part, populated largely by Salvadorans who fled their war-torn nation in the diaspora of the 1980s. To stem displacement of this vibrant Salvadoran community, LIIF stepped in to preserve the affordable units of Girard House, a three-story, 36-unit apartment building originally constructed in 1947. Mi Casa, a nonprofit affordable housing developer, was the recipient of a $3.8 million acquisition loan from LIIF, supported by two forms of credit enhancement: $965,000 from our partnership with the DC Affordable Housing Preservation Fund, which has a goal of maintaining 100% of the District’s existing federally and city-assisted affordable rental homes; and $620,000 leveraging a federal tool called the Capital Magnet Fund (CMF). A traditional bank typically lends only 80% of a project’s value, leaving developers to find the remaining 20% elsewhere. CMF allows CDFIs to fill that gap, so we can finance a greater percentage of a project’s acquisition cost. What this means for communities is that more affordable housing projects can move forward because developers don’t have to hunt for additional funding sources that might not exist. - Park Place at Addison Road Metro, Capitol Heights, Prince George’s County, Maryland
Production of transit-oriented affordable housing
Loan amount: $2 million unsecured predevelopment line of credit
Developer: Banneker Ventures
Looking to scale their affordable housing work in the DMV region, Banneker Ventures turned to LIIF for flexible, catalytic capital, with our organization offering a $2 million unsecured predevelopment line of credit for multiple projects. In June 2025, there was a groundbreaking for one of these projects, Park Place at Addison Road Metro in the increasingly expensive housing market of Prince George’s County, Maryland, which abuts the northern and eastern edges of the nation’s capital. Park Place will comprise 193 residential units, at an average AMI of 58%, plus 12,000 square feet of retail space. At the community groundbreaking, Sen. Angela Alsobrooks (D-Md.) and Gov. Wes Moore of Maryland, both advocates for affordable housing, spoke to how this development will spur a strong regional economy. In his speech, Gov. Moore stated, “We’re proud to be part of this project — one of the largest single investments in the Capitol Heights community in the history of our state. It is central to creating a future where access to work, wages and wealth isn’t an aspiration, but a reality.”
Southeast Region
Our region’s work is scaling, with our footprint expanding in South Carolina, Florida and other states as we make deep impact in the Deep South.
LIIF Vice President, Southeast Region LaToya Kyle
- Crosland and Pickens Gardens Apartments, North Augusta, South Carolina
Preservation of affordable housing
Loan amount: $13 million and $6 million secured acquisition loans
Developer: Dominion Development Group
Dominion Development Group (DDG), headquartered in Nashville, Tennessee, faced a challenge: They needed time to obtain Low-Income Housing Tax Credits (LIHTC). Think of LIHTC as a government incentive where private investors get tax breaks in exchange for funding community projects. DDG was looking to rehabilitate a trio of South Carolina properties supported by long-term Housing Assistance Payment (HAP) contracts. That’s where LIIF filled gaps, left by the mainstream financial market, so DDG would be afforded the time needed to get their intricate capital stack structured, which also included a U.S. Department of Housing and Urban Development (HUD) loan. The LIIF transactions utilized $9 million of Keeping Homes Affordable (KHA) proceeds, which permitted a higher loan to value (LTV). KHA, with all funds now fully deployed, aimed to preserve affordable housing and was made possible by our strategic partnership with Calvert Impact and Arnold Ventures. LIIF had the privilege of serving as the financing facility manager for this $50 million initiative. - Mary Alice Brown Apartments, Opa-locka, Miami-Dade County, Florida
Rehab of multifamily affordable housing
Loan amount: $1 million predevelopment loan
Developer: Ten North Group
Opa-locka is a historically disinvested neighborhood of Greater Miami, with a significant Black population. Additionally, one-third of residents are foreign born, the dulcet tones of Spanish dialects and Haitian-Creole overheard on lively street corners. With a low per capita income of $18,400, it is a challenge for Opa-Locka families to thrive, as Miami’s cost of living is 21% higher than the national average. This is mostly due to rapidly increasing housing costs, with Zillow indicating an average rent of $3,200. That’s why it is imperative to preserve affordable housing such as the Mary Alice Brown Apartments. This multifamily development features 216 units affordable to households earning 30% to 60% AMI. At LIIF, our loan loss rates are better than traditional banks in similar asset classes, despite our working in communities where mainstream financial institutions often shy away from providing an initial investment. In the case of Ten North, this single $1 million predevelopment LIIF loan is catalyzing over 200 units of affordable housing. This matters because banks could then safely expand their reach and fulfill their community investment goals by partnering with a proven community development financial institution (CDFI), such as LIIF, rather than entirely avoiding these markets. - Clairmont Family Housing, Chamblee, Atlanta Metro, Georgia
Production of affordable housing
Loan amount: $12 million construction loan; and $830,000 Capital Magnet Fund construction-to-permanent loan
Developer: Mercy Housing Southeast
LIIF provided catalytic capital to support Mercy Housing Southeast, with our offering a $12 million construction loan and $830,000 in CMF dollars. Georgia’s 9% LIHTC application process is competitive, with projects selected for tax-credit awards determined by various scoring metrics. CMF loan proceeds, as offered by LIIF for this deal, provided favorable financing and additional points for Clairmont Family Housing to be selected and awarded the LIHTC tax credits vital for their capital stack to pencil out. The transaction’s cap stack included funding from Truist, a federal and state tax-credit equity investor; DeKalb County HOME; Community Foundation for Greater Atlanta Housing; Mercy Gap; a Georgia Investments in Housing grant; and Grandbridge Financial financing as a permanent lender. Mercy Housing Southeast can now develop Clairmont Family Housing, in the northeast Atlanta suburb of Chamblee, with 67 apartment units for families earning 30% to 80% AMI. Project-based vouchers will be allocated to families within the 30% to 50% income limits.
Western Region
By driving targeted investments and building collaborative partnerships, LIIF is positioned to make measurable progress against the region’s chronic affordability challenges.
LIIF Vice President, Western Region Pam Berkowitz
- Freedom West 2.0, Western Addition (aka The Fillmore), San Francisco, California
Rebuilding of a neighborhood that was razed
Loan amount: $1.25 million non-revolving, unsecured loan; $250,000 grant
Developer: MacFarlane Partners
The Freedom West 2.0 mixed-income, mixed-use masterplan looks to counter the dire effects of the displacement of the San Francisco’s Black community that started in The Fillmore neighborhood in the mid-1950s. As the first private funder, LIIF provided catalytic capital via a $1.25 million non-revolving, unsecured loan, which followed our $250,000 grant. This early-stage funding will support the preservation of 382 units of affordable housing for a limited-equity cooperative. Joining LIIF in the pre-development activities were the San Francisco Foundation, Dignity Health and Bethel AME Church. LIIF has championed the vision of Freedom West 2.0 from the start by presenting the project to other funders; backing the team’s advocacy with the City for critically needed subsidy; and publicly supporting policy advocacy that led to the passage of California’s SB 593 legislation, which calls for replacement homes to redress the demolition of a substantial number of residential dwelling units during the former San Francisco Redevelopment Agency’s urban renewal efforts. - Brooklyn Arms, Oakland, California
Production of senior affordable housing
Loan amount: $1 million pre-construction line of credit
Developer: Strive Real Estate
LIIF’s capital innovation lent a hand in the ongoing development of Oakland’s Brooklyn Arms Apartments in the historically undercapitalized Clinton neighborhood. Oakland, across the bay from San Francisco, has seen rising housing pressures: Affordable housing has long been in high demand but in short supply. That’s why LIIF provided a $1 million pre-construction unsecured revolving line of credit to Strive Real Estate to develop Brooklyn Arms. This new construction will feature 35 studios for seniors at 30% AMI. The adjacent former church will be rehabilitated to honor the building’s historic features, with the creation of a community space and property-management offices. Wraparound services, provided in partnership with the Alameda County Housing Care Services Agency, are expected to include financial literacy, medical services, nutritional resources such as cooking classes and supportive services for formerly unhoused residents. - Sandstone Valley Apartments, Murrieta, Riverside County, California
Production of affordable housing
Loan amount: $1 million predevelopment line of credit
Developer: BOLD Capital Partners
It should come as no surprise that Riverside County, like most of Southern California, is experiencing a housing crunch. A 2024 California Housing Partnership report illustrated that 79% of extremely-low-income (ELI) Riverside County households are paying an untenable 50%+ of their income on housing costs. To drive the creation of affordable housing, LIIF provided BOLD Capital Partners a $1 million line of credit to finance the predevelopment of Sandstone Valley Apartments in Murrieta. The new construction will include a 4% LIHTC execution, plus it will be a joint venture with an existing LIIF client, CRP Affordable Housing. Sandstone Valley Apartments will comprise 96 units for households earning 30% to 70% AMI, with half of the residences set aside for those earning up to 30% AMI, which meets the HUD definition of ELI. Additionally, the project will include amenities running the gamut from a central laundry and children’s play area to a welcoming community space and resident support services.
Conclusion
The above is just a sampling of the types of loans LIIF offers as parts of the complex capital stacks supported by our Revolving Loan Fund (RLF), complemented by leveraging federal lending tools and forged by strong private-public partnerships. Our measurable impact stretches far and wide. When we hear of gaps in traditional financial markets, LIIF steps into action, driving meaningful change and strengthening communities across the nation.
“With the successes of FY25 now in the rearview mirror, the dedicated LIIF Lending Team looks to FY26 with an aligned sense of purpose toward our North Star of expanding access to affordable housing via our capital innovation and, ultimately, creating opportunity for all Americans,” concludes Moore.