The Low Income Investment Fund (LIIF)

Founding and History

The Low Income Investment Fund was founded in 1984 as a community development financial institution (CDFI) in the wake of reduced federal support for housing development. By 1994, LIIF had offices in San Francisco, Los Angeles, and New York City; had made $31 million in loans; and had assisted in packaging an additional $55 million in loans from other institutions. It eventually expanded its scope from being housing-focused to also providing loans for childcare and education projects.  As of November 2025, LIIF had provided over $3.5 billion in both loans and grants. ^{4   3}

Financials

For the fiscal year ending in June of 2023, the Low Income Investment Fund reported $107,952,700 in revenue, of which $69,875,720 derived from grants and contributions, $35,244,487 from program service revenue, and $2,514,195 in investment income. It received $63,120,651 in government funding, making up over 58 percent of its total revenue. ⁵

In 2023, LIIF reported $102,910,131 in expenses, of which $55,148,088 was paid out in grants, $25,341,742 in employee salaries and compensation, and $2,610,695 in fundraising expenses. It also paid $11,577,888 in interest. The group ended the year with a net surplus of $5,042,569 and net assets of $156,374,115. ⁶

MacKenzie Scott, the ex-wife of Amazon founder Jeff Bezos and major contributor to left-of-center groups, has twice donated to LIFF, with the second donation being an unrestricted grant of $30 million made in December of 2024. ⁷

Organization Philosophy

Low Income Investment Fund is a left-of-center institution that embraces racialist framing. In the group’s 2020 strategic plan, it stated that financial markets have historically been rooted in white supremacy. The group engaged the services of “anti-racism” consultants and has a stated agenda of “equity” and “inclusion.” ³

Projects and Initiatives

Low Income Investment Fund’s primary operation is the provision of loans and grants, along with mobilizing outside capital, to fund its three priorities. The group’s original and still largest priority is the funding of affordable housing programs. It administers several funds that acquire or finance the development of affordable housing, often at below-market rates, with the participation of various commercial or nonprofit entity lenders. ^{1  2}

Over time, LIIF expanded from its original housing focus to also provide loans focused on early childhood education and childcare programs. It had reportedly provided a total $660 million in funding for 430,000 different childcare programs that were already existing or were newly created as of 2025. ⁸

LII set a goal to directly invest, or coordinate the investment of $5 billion into its community programs through affordable housing, childcare, and education by 2030. In 2025, it reported that it had reached 77 percent of the goal, with $3.8 billion in investment. ⁹

LIIF is also involved in policy development and advocacy related to housing and childcare, noting that it seeks to make every community in the US one of “equity,” a concept derived from critical race theory. ¹⁰

Leadership

Daniel A. Nissenbaum is the CEO of the Low Income Investment Fund, a position he has held since April 2018. He has previously worked at a number of financial institutions, including Merryl Lynch and JP Morgan, and immediately prior to this role was a managing director at Goldman Sachs. ^{11  12}

In the fiscal year ending June 2023, his total compensation amounted to $784,895. ¹³