Equity In Action

Four black women smiling and drawing together on a dry-erase board just out of the image frame.
LIIF CEO Daniel A. Nissenbaum and Board Chair Reymundo Ocañas

Dear Friends,

As the pandemic continues to strain our team, our clients and partners, and the communities LIIF serves, we find ourselves in a moment of challenge, opportunity and determination. COVID-19 continues to exacerbate disparities in opportunity, assets and resources in communities across the country. At LIIF, we are using this moment to fuel our deepened commitment to equitable community development. Now, into the second year of our strategic plan, our vision has been validated and confirmed. There has been a resounding public call from communities that we serve for greater supply and equitable access to affordable housing and early care and education.

Read the full letter Dear Friends,

Impact Numbers

Birds-eye view of suburbs on the outskirts of a major city.
A cheerful and diverse group of people sitting in the audience of a presentation.
An elder man and woman smiling from their front door. The woman is using a walker.
Three kids sitting and reading a large book together.

Where Are We Now? Putting Our Strategic Plan into Action

When LIIF introduced its strategic plan, we set a bold goal of mobilizing $5 billion in capital over the next decade to advance racial equity. So far, the plan has pushed LIIF to be more ambitious than ever before. We charged ourselves with deploying higher levels of capital, while also re-imagining our businesses practices, engaging more deeply with communities and pushing for broader, more impactful policies.

Read more from LIIF President Kimberly Latimer-Nelligan Where Are We Now? Putting Our Strategic Plan into Action
A young happy couple cradling their baby together. The baby is smiling back at their parents.
Vew of brand new apartments in Cincinati, Ohio as seen from the sidewalk. The apartments use modern and clean architectural style.
LIIF provided $1.9 million to partner, The Community Builders, for Avondale Town Center, a mixed-income project of 119 apartments, community health center, child care center and locally owned retail in downtown Cincinnati, OH.

SUCCESSES & OPPORTUNITIES: One Year into the Joint Venture with LIIF, NAHT & SAHF

In 2020, LIIF, NAHT and SAHF formed a joint venture committed to raising $1 billion over the first five years to build and preserve 10,000 affordable homes across the country.

To achieve this goal, the partners are providing housing developers with innovative capital solutions, promoting racial equity within the sector and advocating for policies that create equitable and opportunity-rich communities.

Read more SUCCESSES & OPPORTUNITIES: One Year into the Joint Venture with LIIF, NAHT & SAHF

Institutionalizing Racial Equity & 4 Principles Guiding our Work

This year, we held every decision and new initiative up to a critical light to determine whether or not it centered people of color — particularly Black and Latino communities facing the most persistent inequities — and whether it built access, transformational outcomes, and power and agency for these and all communities.

Read more from LIIF Chief Strategy Officer Lucy Arellano Baglieri Institutionalizing Racial Equity & 4 Principles Guiding our Work
A Latino family (mother, father, and two young boys) smiling and standing together in front of their home.
LIIF has partnered with Lift to Rise to create or preserve 10,000 affordable homes for families, farmworkers, seniors and special needs populations by 2028. (Photo courtesy of Noé Montes)

Black Developer Capital Initiative

Despite strong track records, many Black housing developers have been systemically denied access to capital. The Black Developer Capital Initiative (BDCI) was launched by LIIF and the National Affordable Housing Trust (NAHT) to support the growth of Black-led affordable housing development businesses and the creation of more homes.

Learn more about the Black Developer Capital Initiative

Gina Merritt and Wendy Daniels received financing through the BDCI and have decades of experience as affordable housing developers. “My firm is now on a different trajectory,” said Merritt.

Two capital products within the BDCI were developed through conversations between lending staff and developers who identified critical financing gaps.

A young child similing over her mother‘s shoulder. There is a playground blurred out in the background.

Reimagining Child Care: Systems Changes & Solutions

What if parents didn’t face waitlists for expensive, cross-town child care? What if educators didn’t live in poverty? What if all children had access to quality care from birth? Join us as we re-imagine the child care system in our country with examples of our work and the policy changes that are moving the needle for quality, affordable child care for all.

Read more Reimagining Child Care: Systems Changes & Solutions

Inspiration from the Field: Education Impact Tool and Its Effects on Our Lending

LIIF’s Education Impact Tool is used to inform our K–12 school underwriting and to explore ways to align our investments with racially equitable outcomes for students. Lessons and challenges from this tool in practice are now being used to inform a larger framework to guide LIIF’s lending for racial equity in all sectors.

Read more Inspiration from the Field: Education Impact Tool and Its Effects on Our Lending
A young black girl smiling at her desk as she works on her computer.
LIIF provided $6.25 million in construction and mini-permanent financing to the Chattanooga Charter School of Excellence. The Education Impact Tool was used to guide conversations around advancing racial equity in the school.

Consolidated Financial Statements

Financial Position

As of June 30

LIIF assets for 2021 (as of June 30th), 2020, and 2019.
Assets 2021 2020 2019
Cash and investments 61,975,052 54,812,151 46,613,979
Restricted cash 51,436,102 45,238,522 44,494,763
Notes receivable 515,213,892 470,922,421 441,359,287
Allowance for loan losses (18,188,743) (17,891,493) (15,248,398)
Other assets 29,401,316 23,069,241 11,316,784
Total Assets 639,837,619 576,150,842 528,536,415
LIIF liabilities for 2021 (as of June 30th), 2020, and 2019.
Liabilities 2021 2020 2019
Notes payable 428,397,137 411,147,769 383,735,873
Funds held in trust 10,096,112 7,432,208 12,122,628
Other liabilities 43,785,300 20,431,501 9,478,525
Total Liabiliies 482,278,549 439,011,478 405,337,026
LIIF total liabilities and net assets for 2021 (as of June 30th), 2020, and 2019.
Net Assets 2021 2020 2019
Noncontrolling interest in subsidiaries 3,748,526 0 0
Without donor restrictions 101,016,834 77,077,417 74,092,186
With donor restrictions 52,793,710 60,061,947 49,107,203
Total Net Assets 157,559,070 137,139,364 123,199,389
Total Liabilities and Net Assets 639,837,619 576,150,842 528,536,415

Thanks to those who support our mission.

Funders & Donors

  • Alphadyne Foundation
  • Ballmer Group
  • Bank of America Charitable Foundation
  • Bank of Hope
  • BBVA Foundation
  • Cathay Bank Foundation
  • Charles Schwab Bank
  • Chicago Community Foundation
  • CIT Bank, N.A.
  • City and County of San Francisco
  • City National Bank
  • City of Los Angeles
  • DC Office of the State Superintendent of Education
  • Early Childhood Partners Fund in The New York Community Trust
  • Esther A. and Joseph Klingenstein Fund
  • Federal Reserve Bank of San Francisco
  • First 5 Contra Costa
  • First 5 LA
  • First 5 San Luis Obispo County
  • Goldman Sachs
  • Heising-Simons Foundation
  • Hellman Foundation
  • Local Initiatives Support Corporation (LISC)
  • Morgan Stanley
  • MUFG Union Bank, N.A.
  • Purpose Built Communities
  • Robert Wood Johnson Foundation
  • Robin Hood
  • Silicon Valley Community Foundation donor advised funds
  • The Capital One Fund (a fund of Tides Foundation)
  • The JPB Foundation
  • The Kresge Foundation
  • Thurstan R. Bannister
  • Tipping Point Community
  • U.S. Bank Foundation
  • U.S. Department of the Treasury CDFI Fund
  • Wells Fargo Bank, N.A.