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Low Income Investment Fund Update 
Fall 2009
Creating pathways of opportunity for low income communities
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In this Issue

House Speaker Pelosi Attends Celebration for LIIF-Supported Housing Project

CDFI Fund Director Gambrell and Local Officials Tour LIIF Projects in Los Angeles

Bridges to Dreams: The Story of the Low Income Investment Fund Published

Hear from LIIF at 2009 Opportunity Finance Network Conference, Oct. 28 & 29

Camille Maben to Give Keynote at LIIF Child Care Facilities Conference
» Conference Registration Deadline: October 29th

LIIF Grows Transit Oriented Development Portfolio with Boston NMTC Investment

Congressional Briefing on Child Care Facilities Financing Act of 2009 Secures Three New Sponsors

2010 Child Care Facilities Fund Grant Applications Available for San Francisco

LIIF's Federal Policy Director Named New Chair of Charter School Lenders' Coalition


House Speaker Pelosi Attends Celebration for LIIF-Supported Housing Project

Pelosi_NOA_Nihonmachi.jpgHouse Speaker Nancy Pelosi and LIIF’s President and CEO Nancy O. Andrews were among the speakers at a celebration for the renovation of Nihonmachi Terrace apartments in September. The $24 million rehabilitation project will refurbish the 245-unit housing complex located in San Francisco’s Japantown neighborhood. Built in 1976, Nihonmachi Terrace is home to 400 residents who are mostly low income families and seniors.

LIIF’s predevelopment loan to the Japanese American Religious Federation (JARF) helped the project get off the ground in its early stages two years ago. The renovation will preserve affordable housing in the heart of San Francisco. Additional project financing was provided by Citigroup, Federal Home Loan Bank, U.S. Department of Housing and Urban Development and Community Investment.

Read coverage about the celebration and the project in the Hokubei Mainichi.


CDFI Fund Director and Local Officials Tour LIIF Projects in Los Angeles

On September 2, CDFI Fund Director Donna J. Gambrell, Los Angeles City Council Members Bernard Parks and Jan Perry, and former Mayor Richard Riordan participated in a day of events hosted by LIIF that highlighted the impact of community development finance in Los Angeles.

CRAHS_Ribbon_Cutting.jpgParents, community members and 300 students were on hand in the morning to celebrate at a ribbon-cutting event for the new campus of College-Ready Academy High School #7. Thanks to its recent Recovery Act award of $2 million from the CDFI Fund, LIIF, in partnership with Clearinghouse CDFI and Local Initiatives Support Corporation, was able to provide Pacific Charter School Development with $7 million in financing to acquire the site. The school is operated by the Alliance for College-Ready Public Schools. 

Later in the day, tour participants visited Skid Row Housing Trust’s Abbey Apartments and the Pacific Asian Consortium in Employment’s Grandview Early Care and Education Center. LIIF also hosted a luncheon for local CDFI leaders in the Los Angeles region.


Bridges to Dreams: The Story of the Low Income Investment Fund Published

Bridges_Cover.jpgThis year, LIIF celebrates 25 years of creating opportunities for low income families and communities. Bridges to Dreams: The Story of the Low Income Investment Fund is one way we are marking this milestone. In this publication, we trace LIIF’s development and impact over the last quarter century.

Bridges to Dreams is also a story about the growth and maturation of the broader community development capital field. This industry has proven that connecting low income communities to capital markets is a sound investment that opens a future full of opportunities for low income neighborhoods and families all across America. We are proud to share this story with you. We look forward to the next 25 years of helping low income people realize their full potential and achieve their dreams.

For more LIIF publications, visit the Publications page on LIIF’s website.


Hear from LIIF at 2009 Opportunity Finance Network Conference, Oct. 28 & 29

LIIF President and CEO Nancy O. Andrews will participate in an opening plenary pOFN.jpganel reflecting on the last 25 years of community development at the 2009 Opportunity Finance Network Conference in Charlotte, NC later this month. Additionally, LIIF’s Chief Credit Officer Deborah Leland will lead a session about strategies and practices to manage delinquencies in affordable housing portfolios on October 29. Senior Asset Manager Diane Borradaile will share her expertise on a panel covering portfolio management in today’s difficult economic environment on October 28.

Additionally, LIIF's Director of Federal Policy and Government Affairs, Corey Carlisle, is one of seven nominees for OFN's Board of Directors. Elections take place on October 29th at the conference. Visit the Opportunity Finance Network’s website for more information about the 2009 Conference.


Camille Maben to Give Keynote at LIIF Child Care Facilities Conference

LIIF is pleased to announce that Camille Maben, Director of the Child Development Division at the California Department of Education, will be the keynote speaker at the 2nd Annual LIIF Child Care Facilities Conference. The conference will be held on November 18, 2009 at the Federal Reserve Bank of San Francisco.

This is the only event in California exclusively focused on supporting and expanding early care and education facilities. Local and state resources for early care and education are contracting while federal resources are expanding, putting pressure on the field to respond. Attendees will engage in dialogue about getting the most from existing resources and positioning themselves to capture new opportunities on the horizon. Workshop topics include community planning for early learning/preschool facilities, quality improvements, healthy environments, land use and capital resources.

View the full conference agenda and registration information on the Child Care Facilities Conference page on LIIF’s website. Registration deadline is October 29th.


LIIF Grows Transit Oriented Development Portfolio with Boston NMTC Investment

700Harrison.jpgAn unpaved, little-used parking lot in an economically distressed neighborhood of Boston is now a successful mixed-use, transit oriented development with 84 residential units, a community garden, and retail space that houses a preschool, restaurant and specialty foods store. The 700 Harrison Avenue project is located a short walk from the Silver Line, the city’s new bus rapid transit line. The development will bring much needed mixed-income housing, jobs and services to a neighborhood where 26 percent of residents live below the federal poverty line.

LIIF’s $6.3 million New Markets Tax Credit allocation for the project is part of its commitment to supporting healthy, green communities by funding transit oriented development. U.S. Bancorp and Boston Community Loan Fund are participating as the equity investor and senior lender, respectively.


Congressional Briefing on Child Care Facilities Financing Act of 2009 Secures Three New Sponsors

The National Children’s Facilities Network (NCFN) hosted a congressional briefing about the Child Care Facilities Financing Act of 2009 (H.R. 1685) on October 16. The Act addresses the need for a dedicated source of capital and technical assistance to help early care and education providers develop high quality child care facilities. The bill now has 28 sponsors after gaining three new supporters at the briefing: Representatives André Carson (D-IN), Bill Delahunt (D-MA) and Mike Michaud (D-ME).

LIIF is a member of NCFN, a coalition of nonprofit financial and technical assistance intermediaries working to support the development of child care facilities for low income children. The briefing was sponsored by Congresswoman Carolyn McCarthy (D-NY), who introduced the House bill. A companion bill, S.1002, was introduced in the Senate by Senator Robert Casey (D-PA).

For more information about the Child Care Facilities Financing Act of 2009, visit the LIIF website.


2010 Child Care Facilities Fund Grant Applications Available for San Francisco

grants.jpgLIIF is now accepting applications for Child Care Facilities Fund (CCFF) grants in San Francisco for 2010. San Francisco CCFF makes child care facilities-related grants available to centers serving low income children. Grants are available for pre-development, renovation, capital new development and expansion projects. LIIF is also continuing its pilot solar program with the city, which helps fund the installation of solar power systems for San Francisco child care centers. Since 1998, CCFF has issued over $15.9 million in grants to child care centers in San Francisco and Alameda Counties.

Review grant guidelines and download applications for Family Child Care and Center-Based Child Care from the LIIF website.


LIIF's Federal Policy Director Named New Chair of Charter School Lenders' Coalition

Corey Carlisle, LIIF's Director of Federal Policy and Government Affairs, has been named Chair of the Charter School Lenders' Coalition (formerly The Charter Coalition). The organization brings together community development practitioners who provide capital to charter schools in low income communities. The Charter School Lenders' Coalition's goal is to leverage the collective expertise and resources of its members to enhance charter schools'  access to capital. 

Read more about the coalition on the Charter School Lenders' Coalition website.

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Celebrating 25 Years, $5 Billion Invested and 700,000 Stories of Impact

Projects in the News 

Wall Street Journal Highlights Democracy Prep in Article about Charter School Success
Wall Street Journal, 9/22/09
The Wall Street Journal cited Democracy Prep Charter School as an example of a high achieving charter school in a recent article about charter school success in New York. The school was rated as the #1 public school in Harlem and #8 public school citywide for the past two years. LIIF provided a $3.5 million construction loan to Civic Builders to build a new facility in Harlem for Democracy Prep.

Skid Row Housing Trust Celebrates 20th Anniversary and Opens New Carver Apartments
Los Angeles Downtown News, 9/18/09
A new 94-unit housing project for the formerly homeless and disabled opened in September. The project’s modern design by prominent architect Michael Maltzen continues Skid Row Housing Trust’s commitment good design for supportive housing. Skid Row Housing Trust received predevelopment funds from LIIF for the New Carver Apartments.

Secretary of Education Visits North Star Academy to Announce Stimulus Funding for New Jersey
The Star Ledger, 6/5/09
U.S. Secretary of Education Arne Duncan selected Uncommon School’s North Star Academy in Newark to announce $891 million in education funding for New Jersey. LIIF provided a $19 million New Markets Tax Credit allocation to renovate two North Star Academy middle school campuses.

LIIF's Impact

700,000 people served 
    in 26 states
$750 million invested in 
    
low income communities
$5.1 billion in capital 
    leveraged

For low income families, this has meant:

$11 billion
in income
     savings
54,000
affordable homes
43,000
student spaces
123,000
child care spaces


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 San Francisco • Los Angeles • New York • Washington, D.C.

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