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In this Issue:

LIIF & Federal Reserve Bank of San Francisco Convene Equitable TOD Conference

Nancy O. Andrews Discusses the Future of Affordable Rental Housing at Harvard Event

New Report Analyzes $1.2 Billion in Charter School Loans & Finds Strong Industry Performance

LIIF NMTCs Support Pike Place Market and Rocketship Charter School

CDFIs Seen as Bright Spot for Housing & Community Development Sectors

Transit-Oriented Affordable Housing Fund Gains Momentum

CDFIs Collaborate to Provide Emergency Financing for California Schools

LIIF Helps Network of Health Centers Expand Site & Services

Meet Up with LIIF at 2011 National Charter School Conference

California Preschool Energy Efficiency Program Wins PG&E Award

CARS Assessment Reaffirms LIIF’s AAA+ 1 Rating

LIIF in the News: CDFIs Emerge from Financial Crisis; NMTC Awards; TOD Fund Launch

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ERC Tour
Pre-conference tour at Ed Roberts Campus, a TOD that serves seven disability nonprofits
LIIF & Federal Reserve Bank of San Francisco Convene Equitable TOD Conference

On May 24, federal and local policy makers, CDFI leaders, investors, foundations, community organizations and regional planners gathered at the Capital Solutions for Equitable Transit-Oriented Development (TOD) Conference at the Federal Reserve Bank of San Francisco.

Keynote speaker Shelley Poticha, U.S. Department of Housing and Urban Development, called on CDFIs to use their combined community knowledge and financial expertise to lead the TOD effort. Additional speakers included Andy Ditton, Citibank; Audrey Choi, Morgan Stanley; John Robert Smith, Reconnecting America; Steve Heminger, Bay Area Metropolitan Transportation Commission; Mark Pinsky, Opportunity Finance Network; and many others.

The event was streamed live online and videos of all of the sessions will be available soon.

More information

Read more about the event

View event photos on Facebook

Read more about LIIF's TOD Program
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JCHS Event
Richard Baron (McCormack Baron Salazar) and Nancy O. Andrews (LIIF)
Nancy O. Andrews Discusses the Future of Affordable Rental Housing at Harvard Event

LIIF President & CEO Nancy O. Andrews joined a panel of experts in Washington, DC to discuss the challenges low income families face accessing affordable rental housing and the role of policy in addressing these issues. The event marked the release of a new study by the Joint Center for Housing Studies at Harvard University, “America’s Rental Housing: Meeting Challenges, Building on Opportunities.”

More information

Read more about the event
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CS Study Cover New Report Analyzes $1.2 Billion of Charter School Loans & Finds Strong Industry Performance

A Decade of Results: Charter School Loan & Operating Performance is an industry-wide survey that examines 10 years of charter school loan performance. The report reflects data from 15 organizations representing $1.2 billion in charter school loans. Primary among its findings is that charter school loans have performed well with low foreclosure and delinquency rates. The study identifies and analyzes charter school characteristics related to loan performance, including academic performance, size and age of organization and occupancy costs.

LIIF and our partners will elaborate on this study's findings, as well as other data collection efforts in the industry at next week's National Charter School Conference.

More information

Download the report

Read about LIIF's Financing for High-Performing Schools
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Pike Place LIIF NMTCs Support Pike Place Market and Rocketship Charter School

Last quarter, LIIF provided New Markets Tax Credit (NMTC) allocations to support one of the most recognizable landmarks in the US and a school pioneering a new way of educating youth.
  • Pike Place Market is an historic icon in the city of Seattle. It is also an important commercial outlet for low-income and minority-owned businesses, a source of affordable, fresh food for families and home to over 500 low-income residents. LIIF provided $7.9 million in NMTC financing to support renovations to buildings that contain 113 housing units, 89 small businesses and a child care facility. View a profile of Pike Place Market.
  • Rocketship Education used a $10.5 million NMTC allocation from LIIF to begin construction on its fifth school, Rocketship Discovery Prep in San Jose, California. The innovative charter school has received wide acclaim for its hybrid model that leverages technology to help close the achievement gap for low-income students. View a profile of Rocketship Discovery Prep.
LIIF's NMTC work continues to expand. In March, LIIF received $21 million in its fourth consecutive allocation of NMTCs awarded by the US Treasury’s CDFI Fund. In June, LIIF's NMTC project for Part of the Solution was featured by the New Markets Tax Credit Coalition in their annual Progress Report.

More information

Read about LIIF's NMTC Program
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SC Cover 2 CDFIs Seen as Bright Spot for Housing & Community Development Sectors

A recent article looked at the community development financial institution (CDFI) industry's ability to not just survive but thrive through the recession, political turbulence and difficult credit markets of the last few years.

In the article, President & CEO Nancy O. Andrews described LIIF's ability to innovate new strategies that respond to the needs of underserved communities: “If you have that more holistic approach, you think of the work we do at the physical community revitalization level as one part of a larger coordination of community and human development."

The article was published in Sustainable Communities magazine, a publication by the nonprofit Partnership for Sustainable Communities (PSC).  PSC is also organizing the San Francisco Conference on Finance Sustainable Housing and Community Development to be held September 19-20, 2011.

More information

Read the full article
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TOAH 2 Transit-Oriented Affordable Housing Fund Gains Momentum

The $50 million Bay Area Transit-Oriented Affordable Housing (TOAH) Fund launched in April to provide financing for the development of affordable housing and other vital community services near transit lines throughout the Bay Area. The launch event was held on a site that will be redeveloped by the Tenderloin Neighborhood Development Corp. (TNDC) using the fund’s first loan. LIIF is providing the loan through the TOAH Fund to enable TNDC to build Eddy & Taylor Family Housing, a development that will include affordable housing and fresh foods retail in San Francisco. LIIF and the other fund partners also introduced the TOAH Fund to local developers at an event in May as part of Affordable Housing Week.

More information

Read about LIIF's Financing for TOD Projects

Read the Eddy & Taylor Project Profile

Visit the TOAH Fund Website
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CALS vert CDFIs Collaborate to Provide Emergency Financing for California Schools

California’s budget issues have resulted in deferred payments to public schools. This strain on cash flow is particularly acute for charter schools, which do not have access to the same financing options as other public schools. In the last quarter, LIIF was proud to partner with the California Charter School Association (CCSA), Nonprofit Finance Fund and Enterprise Community Partners to provide $2.1 million to nine schools serving 4,300 students through the Emergency Loan Program. The Emergency Loan Program provided schools with affordable loans repayable only when the state pays out the delayed funds.

For more information about this initiative, contact Lisa Appleberry at lappleberry@liifund.org.

More information

Read about LIIF's Financing for High-Performing Schools

More about these Loans & Charter School Financing Issues from CCSA
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UHP LIIF Helps Network of Health Centers Expand Site & Services

Urban Health Plan (UHP) is a network of Federally Qualified Health Centers that has provided medical care for more than 30 years to residents of the South Bronx. LIIF participated in an $18 million leveraged loan led by Goldman Sachs Urban Investment Group that is part of a $55 million New Markets Tax Credit (NMTC) transaction.

UHP will use the financing to build a new 54,000-square-foot facility adjacent to their currently overcrowded site in the Morrisania neighborhood. Upon completion of the new building, UHP will serve more than 400,000 patients annually, a 50% increase in their capacity. In addition to LIIF and Goldman Sachs, additional CDFIs are expected to participate in the leveraged loan. The Nonprofit Finance Fund, Enterprise Community Partners and Stonehenge Capital are providing the allocation of NMTCs for the deal.

More information

Read about LIIF's Financing for Health Centers
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NCSC Meet Up with LIIF at June 2011 National Charter School Conference

LIIF is a green financing sponsor at the 2011 National Charter School Conference in Atlanta, Georgia, June 20-23, 2011. Come visit us at booth G3 in the Green & Healthy Schools Exhibit Area and hear more from LIIF about financing for high performing schools at these great sessions:
  • Creating Greener Schools: Green Financing
  • Charter School Financing Partnership (CSFP)
  • Leveraging Data to Increase Investment in Charter Schools
  • Accessing Capital through Chase’s Charter Schools Initiative

More information

Read more about LIIF at the 2011 NCSC in Atlanta
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cpeep franklin California Preschool Energy Efficiency Program Wins PG&E Award

In March, LIIF’s California Preschool Energy Efficiency Program (CPEEP) won PG&E's "Integration Award" for helping a large preschool in San Joaquin County save valuable kilowatt hours. The annual awards recognize the teamwork between PG&E's energy solutions and service team and third-party programs, like CPEEP. To date, CPEEP has provided grants for energy efficiency audits and retrofits to more than 1,300 child care centers that serve more than 85,000 children through partnerships with PG&E and Southern California Edison.

More information

Read more about CPEEP
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cars 4 Latest CARS Assessment Reaffirms LIIF’s AAA+ 1 Rating

This winter, LIIF underwent its third complete CARS Assessment, which reaffirmed its rating at the top of each assessment category. LIIF received a AAA for impact performance, a Policy Plus for its advocacy work and a financial strength performance score of “1.” LIIF is committed to measuring and improving its community impact and financial performance to ensure the organization is achieving its goals. CARS is a comprehensive, third-party assessment developed by Opportunity Finance Network that evaluates performance of CDFIs across the industry.

More information

Read about Investing in LIIF

Read about the CARS Program
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LIIF in the News

May/June 2011
CDFIs Emerge from Financial Crisis
Sustainable Communities

04.04.11
CDFI Fund Announces 2010 NMTC Awards
Novogradac Journal of Tax Credits

03.25.11
TOD Fund Established for the Bay Area
Affordable Housing Finance

03.24.11
Bay Area Agencies Set Up $50MM Affordable Housing Fund
SF Business Times
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