2017-05-15T13:35:42-05:00 2016-06-30 GRANT THORNTON LLP 101 CALIFORNIA STREET SUITE 2700 SAN FRANCISCO CA 94111 990 2015-07-01 942952578 Low Income Investment Fund % ROXANNE HUEY LOWI 4157729094 50 California Street Suite 2900 San Francisco CA 94111 KATHY ROCK CFO and CAO 4157729094 2017-05-12 true rosemarie Brown P01278077 4159863900 2015 2021-01-29 14:40:06Z Nancy O Andrews 50 California St Suite 2900 San Francisco CA 94111 31595121 false X www.liifund.org X 1984 CA LIIF is a community development financial institution which provides a comprehensive range of programs to increase the availability of capital in low income communities. 12 11 72 12 0 13127122 4919153 16913379 20972871 510173 453710 144477 184129 30695151 26529863 2517577 4747000 0 0 8775374 10157646 0 0 1004686 9084078 10910862 20377029 25815508 10318122 714355 280623263 358377832 189370213 266493534 91253050 91884298 X Low Income Investment Fund ("LIIF") is dedicated to creating pathways of opportunity for low income people and communities. LIIF's overarching mission is poverty alleviation. LIIF achieves this mission by investing capital for healthy communities and families. LIIF builds bridges between private capital markets and places where low income people live. LIIF partners with low income communities, community based organizations, funders, and financial institutions to create a network of support to address the challenges facing low income individuals and families. Since its founding in 1984, LIIF has provided $1.9 billion in financing and technical assistance for projects benefiting low income communities, leveraging investments of $9.3 billion. Through these projects, we have served over 1.8 million people and supported: - 67,801 units of housing - 258,376 child care spaces; - 80,439 spaces in schools for children; and - 23.9 million square feet of community facilities. LIIF is headquarted false false 12635103 1911694 18906322 Lending Activities: Because no single approach alone can lift a family out of poverty, LIIF employs a holistic strategy that focuses on five priority programs-housing, child care, education, transit oriented development and health (through access to healthy food and health care clinics). These programs are supported by LIIFs federal policy presence that works to preserve and maintain community capital programs. LIIF uses innovative strategies to attract private capital to areas with underserved communities that would otherwise be out of reach. Since inception, we have provided over $1.9 billion to projects serving low income families and individuals, and these investments have leveraged nearly $9.3 billion in other capital investments. LIIFs work supports those most in need of the 1.8 million people served through LIIFs financing and technical assistance nearly 97% have been low income. LIIFs flexible and affordable capital fills a gap for community development organizations that are unable to consistently access loans from traditional financial institutions. LIIF makes direct loans through its revolving loan fund ("RLF") and other loan funds. LIIF also underwrites and packages loans acquired by banks, other intermediaries and conventional lenders through innovative program specific funds to support community development organizations across the nation. LIIF complements its loans with thorough, time-intensive technical assistance ("TA"). LIIF's TA guides organizations through real estate development, helping them develop and sustain their financial stability to ensure prudent planning and management of their financial obligations and ultimately, and enabling these community borrowers to ready their organizations to approach conventional lenders. Affordable housing is the cornerstone of LIIFs work, comprising half of the organization's historical activity. Since its inception, LIIF has invested more than $925 million to support the development of 67,801 units of affordable housing, which has produced enhanced living conditions and saved low income families more than $18 billion through reduced housing costs. Availability of affordable housing is vital in creating a foundation for family stability and community revitalization, and it plays a critical role in advancing family well-being-linked, as it is, to employment, wage gains, educational attainment and generally improved health for poor families. Education is a key component in enhancing opportunities for economic mobility and asset growth for low income households. LIIF launched its education program in 1998, and currently focuses in helping charter schools bring quality educational opportunities to underserved, distressed communities. LIIFs education program uses a three-pronged approach to achieve its goals: providing direct financing for schools, leveraging third-party capital for schools, and building the capacity of school developers and the education system. LIIF is one of the largest CDFI charter school financiers in the nation, having invested over $500 million supporting the development of 80,439 quality charter school spaces for low-income students. LIIFs Transit Oriented Development (TOD) Program invests in projects that place affordable housing and vital community services close to accessible transportation. LIIF manages the $50 million Bay Area Transit-Oriented Affordable Housing (TOAH) fund, an innovative structured fund that provides developers with flexible, affordable capital to purchase or improve available property near transit lines in the Bay Area. 3322792 1623110 1013286 Other Development Services: Other development services include key initiatives that support high quality early child care and transit-oriented development (TOD). Equitable Transit-Oriented Development (ETOD) - LIIFs ETOD program responds to the need for financing solutions that provide flexible, affordable capital for projects that integrate community development investments with high quality transit systems. Through our ETOD program, LIIF provides technical assistance to other regions looking to employ ETOD strategies and create funds that support ETOD expansion in their cities. LIIF continues to expand ETOD strategies through our $50 million Bay Area Transit-oriented Housing Fund and is supporting the exploration of new transit-oriented fund in Los Angeles. This year, LIIF is joined partners to host the 2016 Rail~Volution conference, a national gathering of transit leaders focused on improving access and opportunities for underserved communities. LIIF also partnered with organizations in the health and environment sectors to launch a national initiative centered on ETOD strategies for low-income communities. Early Childhood Education In consultation with the Department of Education (DOE), LIIF designed and launched the Deutsche Bank Pre-K Capacity Fund to provide community based child care operators with access to no-cost bridge financing to enable them to secure operating permits, enhance facility quality, and be ready to provide services under a pre-K contract from the DOE. The Fund bridged funding that the City would provide upon pre-K contract registration with the City Comptroller. In FY16 LIIF provided more than $1M in grants to 6 organizations. Community Progress Makers Fund LIIF, in partnership with the Citi Foundation, provided technical assistance and focused group trainings to 40 community based organizations in 6 cities across the country through the Community Progress Makers Fund (CPMF). CPMF is a $20 million, two-year initiative by the Citi Foundation to support high-impact community organizations that are driving economic opportunities in their communities. The organizations are addressing a range of urban challenges in the U.S., from economic development and affordable housing to environmental sustainability and urban infrastructure. 2508404 1212196 1237392 Child Care Program: Quality child care enables parents to work or attend school without worry for their children's well-being. LIIF launched its child care program in 1998, offering loans, grants and technical assistance to support the development of high quality child care slots for low income families. Since the program's inception, LIIF has provided trainings and workshops on the development and financing of child care center facilities and one-on-one technical assistance to providers. In addition, LIIF has offered millions of dollars in loans and planning grants. Its child care goals are accomplished through three primary funds: the award-winning Child Care Facilities Fund, the Los Angeles Emergency Bridge Fund, and the Fund for Children and Communities. 935749 0 0 See Schedule O 935749 0 0 19402048 true true false true false false false false true false true false false false true true false true false false false false false false false false false true true true false false false false false false false false false false false false true true true false false false true 123 0 true 72 true false false false false false false false false false false X 12 11 false false false false false false false true true false false false true true true true true true true true true CA NY X ROXANNE HUEY 4154896102 50 CALIFORNIA STREET SUITE 2900 San Francisco CA 94111 Andrew Ditton Chair 1.0 0.0 X X 0 0 0 Barry Zigas Vice Chair 1.0 0.0 X X 0 0 0 Phyllis Caldwell Secretary 1.0 0.0 X X 0 0 0 Kathy Rock Treasurer / CFO start 2/2016 40.0 0.0 X X 0 0 0 Nancy O Andrews Director / President and CEO 40.0 0.0 X X 466952 0 13655 Derek Douglas Director 1.0 0.0 X 0 0 0 Pamela Johnson Director 1.0 0.0 X 0 0 0 Daniel Nissenbaum Director 1.0 0.0 X 0 0 0 Sarah Rosen Wartell Director 1.0 0.0 X 0 0 0 Russ Bruemmer Director 1.0 0.0 X 0 0 0 David Fleming Director 1.0 0.0 X 0 0 0 William Kelly Director 1.0 0.0 X 0 0 0 Joseph Reilly Director 1.0 0.0 X 0 0 0 Donald Lofe Jr EVP, CFO & CAO through 2/2016 40.0 0.0 X 294469 0 51359 Kim Latimer-Nelligan COO & EVP, Comm Inv Programs 40.0 0.0 X 392670 0 31082 Brian Prater EVP Strat Dev & Public Affairs 40.0 0.0 X 263014 0 43441 Diane Borradaile SVP Natl markets/cap solutions 40.0 0.0 X 225025 0 50063 Roxanne Huey VP, Finance & Corp. Controller 40.0 0.0 X 203579 0 46400 Jonathan Harwitz managing director, fed policy 40.0 0.0 X 205017 0 52675 Cecile Chalifour Director, Calfornia Region 40.0 0.0 X 175355 0 32286 Amy Laughlin Director, National NMTC 40.0 0.0 X 160050 0 41008 2386131 0 361969 29 false true false BWB Solutions 250 West Main Street BRANFORD CT 06405 Consulting 501130 Novogradac Company LLP PO Box 7833 SAN FRANCISCO CA 941207833 Accounting & Audit 489147 Sullivan Cromwell LLP 125 Broad Street NEW YORK NY 10004 Legal Consulting 336000 Grant Thornton LLP PO Box 51552 LOS ANGELES CA 900515852 Audit & Tax 223708 Vine Associates LLC 607 Foothill Blvd 163 LA CANADA FLINTRIDGE CA 91012 Consulting 145030 7 1653000 3266153 4919153 INTEREST ON LOANS 525990 12596450 12596450 LOAN PACKAGING AND SERVICE FEES 525990 4413693 4413693 TECHNICAL ASSISTANCE FEES 525990 2250678 2250678 LOAN ORIGINATION 525990 1712050 1712050 20972871 522230 522230 0 0 0 0 0 4996738 5065258 -68520 -68520 -68520 0 0 0 EQUITY INCOME FROM MEMBERSHIP INVESTMENTS 523000 106544 106544 MISCELLANEOUS 900099 77585 77585 184129 26529863 21157000 453710 4583431 4583431 163569 163569 0 0 1524929 873377 325776 325776 0 6613468 4109362 2239550 264556 270113 153922 96345 19846 1289831 768880 460060 60891 459305 262031 163826 33448 161991 161991 363300 107906 255394 120632 120632 0 0 104798 104798 1619230 1565042 54188 0 592735 381703 155321 55711 0 0 1613525 1040084 417711 155730 641387 396479 209669 35239 0 50319 36769 12650 900 3246429 3246429 0 350330 209605 102449 38276 160741 160741 PROV FOR LOAN LOSS/COMMITMENTS 1164020 1164020 LICENSE AND FEES 203331 147116 52032 4183 MEMBERSHIP AND PUBLICATIONS 146241 90632 48735 6874 PROVISION FOR BAD DEBT -12512 -12512 384365 101691 279418 3256 25815508 19402048 5408774 1004686 2349505 20293799 30121448 38993567 2696530 2186050 1862762 672682 0 0 0 0 222193906 275716071 0 0 1333226 1491970 3941507 1393580 2657372 2547927 16147245 15049128 0 0 235030 327921 0 0 1026239 1098717 280623263 358377832 4845146 3945428 3914828 3693869 763809 603020 0 0 10002986 15076380 0 0 169672399 242868908 0 0 171045 305929 189370213 266493534 X 44293272 52143029 46959778 39741269 0 0 91253050 91884298 280623263 358377832 X 714355 266893 -350000 X false true X true true true X 15849844 5280960 7073378 13127122 4919153 46250457 0 0 15849844 5280960 7073378 13127122 4919153 46250457 9615795 36634662 546490 463038 499311 552368 522230 2583437 0 0 48833894 80834932 0.75019 0.79348 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 173315 173315 25537395 25710710 1000000 250000 689633 1000000 1000000 1000000 3689633 5534450 79243 61992 174973 173315 489523 172408 250000 250000 250000 922408 1383612 false true X 1866080 211892 1654188 1344543 463273 881270 730884 718415 12469 2547927 0 ACCRUED INTEREST PAYABLE 305929 305929 X Escrow Agreements Schedule D, Part IV, Line 2b: Escrow accounts include amounts received from borrowers and funders that are reserved for borrower operating costs, interest reserves, and loan fundings. FIN 48 (ASC 740) Footnote Schedule D, Part X, Line 2: LIIF has accounted for the uncertainty in income taxes as required by the Accounting for Uncertainty in Income Taxes topic of the FASB Accounting Standards Codification ("ASC"). LIIF uses a comprehensive model for recognizing, measuring, presenting and disclosing in the financial statements tax positions taken or expected to be taken on a tax return. A tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. The effect of applying this model and the resulting identification of uncertain tax positions, if any, were not considered significant for financial reporting purposes and are not anticipated to change in the twelve months following June 30, 2016. During the years ended June 30, 2016 and 2015, LIIF recognized no interest or penalties associated with unrecognized tax benefits. LIIF is subject to filing of U.S. federal, New York, and California informational returns. Federal returns for years ended June 30, 2013 through June 30, 2016, and California returns for years ended June 30, 2012 through June 30, 2016 are currently open for potential federal and state examination. true Image Auto LLC 126 Dwight Park Circle Syracuse NY 13209 571203949 98370 Healthy Food/Healthy Communities-Mobile Improvement System Grant Enterprise Community Partners Inc PO Box 64854 Baltimore MD 21264 521231931 501(c)(3) 191852 General Support for LA Thrives & SPARCC programs Improvement System Grant 149 Street Food Corp 459 East 149th Street Bronx NY 10455 461736555 300000 Support Renovation of Supermarket Buffalo Hotel Supply Co Inc 2 Charles Boulevard Guilderland NY 12084 160366765 46280 Healthy Food/Healthy Communities - FF&E Alameda Family Services 2325 Clement Avenue Suite A Alameda CA 94501 237088243 501(c)(3) 17500 Child care facility quality rating and improvement system grant Natural Resources Defense Council Inc 1152 15th Street Northwest Suite 3 Washington DC 20005 132654926 501(c)(3) 129261 General Support for SPARCC program Build Hope LLC Beth Greenwood c/o Build Hope LLC Tully NY 13159 463956780 5452 Healthy Food/Healthy Communities Grant FSLG Group LLC 54 Hapeman Hill Road Red Hook NY 12571 270205530 38065 Healthy Food/Healthy Communities Grant Fremont Unified School District 4210 Technology Drive Fremont CA 94538 941636029 115 28000 Child care facility quality rating and improvement system grant Peralta Community College District 333 East 8th Street Oakland CA 94606 941590799 115 10000 Child care facility quality rating and improvement system grant Hayward Unified School District 24411 Amador Street Hayward CA 94544 941693499 115 40000 Child care facility quality rating and improvement system grant Broome County Council of Churches Inc 3 Otseningo Street Binghamton NY 13903 150547374 501(c)(3) 61650 Healthy Food/Healthy Communities - Equipment Bayside Grocery 537 Main Street Fair Haven NY 13064 161581658 36220 Healthy Food/Healthy Communities - Equipment & Construction Sweeney's Market 6518 State Route 434 Apalachin NY 13732 161129797 72752 Healthy Food/Healthy Communities - Equipment Christian World Child Care Center 3820 East Ave Livermore CA 94550 943210222 501(c)(3) 10000 Child Care Facility Grant Bay Area Hispano Institute for Advancement Inc 1000 Camelia Street Berkeley CA 94710 942297359 501(c)(3) 25882 Child care facility quality rating and improvement system grant 2395 FDB JV LLC 2395 Frederick Douglass Blvd New York NY 10027 371799645 174303 Support redevelopment of a new supermarket FranDelJa Enrichment Center 950 Gilman Avenue San Francisco CA 94124 943256620 501(c)(3) 30000 Child Care Center Pre-Development Li'l Angels Center for Services & Learning 1836 B Street Hayward CA 94541 800473219 501(c)(3) 65000 Child Care Facility Grant The Local Food Market 37 N Main Street Cortland NY 13045 464497169 28828 Healthy Food/Healthy Communities-Equipment Child Family and Community Services Inc 32980 Alvarado-Niles Road Suite 846 Union City CA 94587 942202153 40000 Child Care Facility Grant Good Samaritan Family Resource Center 1294 Potrero Avenue San Francisco CA 94110 943154078 501(c)(3) 13600 Child Care Center Pre-Development Nojaim Inc 307 Gifford Street Syracuse NY 13204 611411026 100000 Healthy Food/Healthy Communities Grant TJL Foods Inc 15 N Main Street Spencer NY 14883 161441581 49659 Healthy Food/Healthy Communities Grant Carrfour Supportive Housing 1398 SW 1st Street 1201 Miami FL 33135 650387766 501(c)(3) 125000 Community housing development Gerharz Equipment Inc 6146 East Molloy Road East Syracuse NY 13057 161151203 22029 Healthy Food/Healthy Communities-FF&E Nihonmachi Little Friends 1830 Sutter Street San Francisco CA 94115 942325686 501(c)(3) 300000 Preschool new development Wu Yee Children's Services 827 Broadway Street 2/F San Francisco CA 94133 942387002 501(c)(3) 33574 Child Care Center Renovation & Repair Mission Neighborhood Centers Inc 362 Capp Street San Francisco CA 94110 941408150 501(c)(3) 500000 Child Care Center Pre-Development (Centro de Alegria site) Dutchess Outreach 29 N Hamilton St Suite 202 Poughkeepsie NY 12601 222339537 501(c)(3) 28789 Healthy Food/Healthy Communities-Mobile Market Hubert Company 25401 Network Place Chicago IL 60673 311733723 9001 Healthy Food/Healthy Communities-Euro Table line item The Reinvestment Fund 1700 Market Street 19th Flr Philadelphia PA 19103 232331946 501(c)(3) 23250 Federally Qualified Health Center Grant Bridge Housing Corporation 600 California Street Suite 900 San Francisco CA 94108 942827909 501(c)(3) 593319 Implementation of a new community development model Bayou District Foundation 320 Julia Street New Orleans LA 90130 260833850 501(c)(3) 593319 Implementation of a new community development model The Community Builders Inc 95 Berkerly Street Suite 500 Boston MA 02116 042324773 501(c)(3) 698307 Implementation of a new community development model 21 14 Child Care Center Expansion 1 7500 Child Care Center Renovation & Repair 3 14640 Child care facility quality rating and improvement 14 38000 Healthy Food/ Healthy Communities-Construction 1 26568 Healthy Food/ Healthy Communities- Equipment 2 76861 Procedures for Monitoring Use of Grant Funds Schedule I, Part I, Line 2: LIIF receives signed contracts from grantees prior to releasing grant funds. The contracts spell out the specific use of funds. LIIF employees follow up with grantees to verify proper use of funds. The majority of our grants are made from pass-through grant funds for which LIIF has reporting obligations back to the original grantor. X X X X X false false false false false false false true false Nancy O Andrews Director / President and CEO 366952 0 100000 0 0 0 10600 0 3055 0 480607 0 0 0 Kim Latimer-Nelligan COO & EVP, Comm Inv Programs 302670 0 90000 0 0 0 10600 0 20482 0 423752 0 0 0 Brian Prater EVP Strat Dev & Public Affairs 219014 0 44000 0 0 0 10567 0 32874 0 306455 0 0 0 Donald Lofe Jr EVP, CFO & CAO through 2/2016 294469 0 0 0 0 0 10600 0 40759 0 345828 0 0 0 Diane Borradaile SVP Natl markets/cap solutions 186447 0 38578 0 0 0 9290 0 40773 0 275088 0 0 0 Roxanne Huey VP, Finance & Corp. Controller 176429 0 27150 0 0 0 8546 0 37854 0 249979 0 0 0 Jonathan Harwitz managing director, fed policy 185517 0 19500 0 0 0 9090 0 43585 0 257692 0 0 0 Cecile Chalifour Director, Calfornia Region 159345 0 16010 0 0 0 7151 0 25135 0 207641 0 0 0 Amy Laughlin Director, National NMTC 135050 0 25000 0 0 0 6728 0 34280 0 201058 0 0 0 Non-Fixed Payments Schedule J, Part I, Line 7: During the 2015 calendar year, the organization provided individuals listed on Form 990, Part VII and Schedule J non-fixed payments in the form of bonuses. All bonuses are discretionary, and are based on several factors including individual performance, company goals, and individual goals. At the end of each fiscal year, the President & CEO and Executive Committee approve bonus limits to be paid-out. Program Service Accomplishments Form 990, Part III, Line 4d: National Policy: LIIF designs and implements advocacy strategies to ensure the organization is active in federal policy initiatives relevant to its main program areas. The national policy program advances the policy agenda of LIIF, leveraging relationships and building dynamism around the organization and its mission of poverty alleviation. Form 990 Review Process Form 990, Part VI, Section B, Line 11b: Grant Thornton LLP and the LIIF staff work together in gathering the required tax information necessary to complete the Form 990. The initial draft return is reviewed by Grant Thornton and the LIIF finance staff; items are discussed and reviewed, with recommended changes reflected in the returns. A copy of the Form 990 is then distributed to the Audit Committe for review and approval for filing with the Internal Revenue Service. Conflict of Interest Policy Form 990, Part VI, Section B, Line 12c: Key employees and management officials are required to disclose immediately interests that could give rise to conflicts. Members of the board of directors are required to annually complete conflict of interest surveys identifying potential conflicts. The results of these surveys are communicated amongst the entire board to ensure all members are aware of potential conflicts that may arise during the year. Members of loan committees must recuse themselves from decisions that could give rise to conflicts of interest. In general, conflicts of interest are limited to individual transactions in which LIIF is considering undertaking with organizations with which a board member may have a relationship. As a result, it is relatively straightforward to monitor compliance. Process Used to Establish Compensation of President & CEO / Key Employees Form 990, Part VI, Section B, Lines 15a and 15b: Key employees, as defined by IRS regulations and including the CEO, are included in annual compensation review and approval. An outside independent consultant conducts a review of comparable data drawn from various sources including industry data and compensation reported by similar organizations, including review of Form 990 filings. These summaries are presented to the Executive Committee of the board of directors (comprised of independent directors) which is responsible for reviewing compensation and recommending adjustments to the board of directors who approve the adjustments. Deliberations and decisions are substantiated. Documents Available to the Public Form 990, Part VI, Section C, Line 19: LIIF makes available to the public its financial statements in summary form through its annual report, which is disseminated widely and available to others upon requires. The organizations by-laws, Form 990 filing, and conflict of interest policy are available upon request. 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