Low Income Investment Fund
The Low Income Investment Fund (LIIF) is a public charity based in San Francisco, California. Founded in 1984, it supports organizations working to revitalize low-income neighborhoods across the United States by deploying capital for community development projects, including affordable housing, early care and education centers, charter schools, and federally qualified health centers.
Key facts about Low Income Investment Fund
In short: Low Income Investment Fund gave $12.1M across 53 grants in 2025 (avg $228K), mostly in California. 83% of 2025 grantees were new. Source: 2025 IRS Form 990.
- EIN
- 94-2952578
- Latest 990 filing
- Form 990, 2025
- Annual giving (2025)
- $12,085,857
- Grants made (2025)
- 53
- Average grant
- $228,035
- Median grant
- $103,985
- New grantees (estimate)
- 83% first-time grantees (44 of 53, 2025)
- Total assets
- $786,532,068
- Primary geography
- California (60% of itemized 2025 grant dollars)
Data from IRS Form 990, 2025; updated September 2026. New grantees are estimated by matching recipient names across years (methodology).
Financial Overview
From 2025 IRS Form 990 · View filing
Total Assets
$786.5M
+1.4% YoY
Annual Giving
$12.1M
-43.2% YoY
Grant Count
53
-60.7% YoY
Avg Grant Size
$228K
+44.6% YoY
Is Low Income Investment Fund open to new grantees?
83%
first-time grantees, 2025
In 2025, 44 of 53 grantees (83%) were first-time recipients. First grants averaged $153K; repeat grants $597K. How we count
Medians: $107K first-time, $101K repeat.
- 15% of 2025 grantees were also funded in 2024. Method
- Giving held roughly steady from 2022 to 2025 (−2%). Method
Estimate from itemized grant lists in IRS Form 990 filings (2019–2025). Recipient names are matched across years, so a renamed or misspelled grantee can look new; grants to individuals are left out. Methodology.
Mission & Focus Areas
LIIF says it works to strengthen communities by deploying capital to support high-impact community development projects. Its stated work includes creating and preserving housing options through capital solutions, programs, and policy. Its national policy program includes education, outreach, and advocacy strategies related to federal policy initiatives that support its main programs.
2025 grants included capital development, renovations, repairs, and projects identified as “EQT grants.” The grantees’ own descriptions show examples of the organizations supported: Felton Institute says it serves low-income families, children, older people, and people with disabilities through social services and treatment; FranDelJA Enrichment Center provides year-round childcare for children from six weeks to five years old; and My Connect Community describes its work as promoting health, prosperity, and a safe, vibrant neighborhood in Houston’s Sharpstown/Gulfton area. Other recipients include Southeast Raleigh Promise, which says it works alongside residents and partners to expand equitable opportunities, and Growing Together, which describes its work as creating pathways for children to break the cycle of poverty through education, community vibrancy, and the built environment.
Grantmaking
In filing year 2025, LIIF reported 53 grants totaling $12,085,857. Grant amounts ranged from $5,200 to $3,000,000, with a median of $103,985.
The largest reported grants included $3,000,000 to Felton Institute for renovation, repair, and expansion; $1,700,000 to FranDelJA Enrichment Center for new capital development; and $750,000 to My Connect Community as an EQT grant. Other notable grants were $608,273 to Canopy South, $490,472 to Southeast Raleigh Promise, and $458,273 to Growing Together, each designated as an EQT grant. LIIF also reported $300,000 to Banana Fana Preschool for renovation and repair and $217,425 to One Fifty Parker Avenue School for renovation and repair.
LIIF states that it obtains signed contracts from grantees before releasing grant funds. The contracts specify how funds are to be used, and LIIF employees follow up to verify proper use. LIIF also says most of its grants are made from pass-through funds, for which it has reporting obligations to the original grantor.
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Geographic Focus
Where this funder awards grants
LIIF says it supports organizations working to revitalize low-income neighborhoods throughout the United States. In 2025, California received 60% of reported grant dollars, followed by Texas at 21%, Nebraska at 5%, and North Carolina and Oklahoma at 4% each. Listed grants also included a recipient in South Carolina.
Grant Distribution by State
Share of 2025 grant dollars across all 53 itemized grants.
States
Cities
Giving Over Time
Total grant dollars and number of grants per year
From 2019 to 2025, annual grant giving ranged from $9.4M (2020) to $48.0M (2023). In 2025 it made 53 grants totaling $12.1M.
Grant Insights
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2025
The largest 2025 recipient was Felton Institute ($3.0M). Together the top 10 received $8.2M.
Grant Size Distribution
1,272 grants across all recorded years
The most common grant size was under $50K: 950 grants of 1,272 (75%).
Giving History
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| Felton Institute Alameda, CA | Renovation, Repair & Expansion | $3,000,000 |
| Frandelja Enrichment Center Inc San Francisco, CA | New Capital Development | $1,700,000 |
| My Connect Community Houston, TX | EQT Grant | $750,000 |
| Canopy South Omaha, NE | EQT Grant | $608,273 |
| Se Raleigh Promise Inc Raleigh, NC | EQT Grant | $490,472 |
| Growing Together Tulsa, OK | EQT Grant | $458,273 |
| Northside Development Group Spartanburg, SC | EQT Grant | $423,866 |
| Banana Fana Preschool San Francisco, CA | Renovation & Repair | $300,000 |
| Guidry's Early Education Center San Francisco, CA | New Capital Development | $286,307 |
| One Fifty Parker Avenue School San Francisco, CA | Renovation & Repair | $217,425 |
Financial History
Multi-year comparison from IRS filings
| Filing year | Assets | Revenue | Expenses | Grants reported |
|---|---|---|---|---|
| 2025 | $786,532,068 | $123,432,648 | $72,551,940 | $12,085,857 (53) |
| 2024 | $775,773,301 | $88,297,355 | $81,808,063 | $21,292,539 (135) |
| 2023 | $642,654,206 | $107,952,700 | $102,910,131 | $47,999,204 (139) |
| Metric | 2025 | 2024 | 2023 |
|---|---|---|---|
| Total Assets | $786,532,068 | $775,773,301 | $642,654,206 |
| Revenue | $123,432,648 | $88,297,355 | $107,952,700 |
| Expenses | $72,551,940 | $81,808,063 | $102,910,131 |
| Net Investment Income | $4,048,664 | $3,058,253 | $2,505,695 |
Data update history
When this profile's IRS filing data changed on Grantable
- Updated Form 990 for fiscal year 2019 (received by the IRS May 14, 2020)
- Updated Form 990 for fiscal year 2020 (received by the IRS May 7, 2021)
- Updated Form 990 for fiscal year 2021 (received by the IRS April 17, 2022)
- Updated Form 990 for fiscal year 2022 (received by the IRS May 11, 2023)
- Updated Form 990 for fiscal year 2023 (received by the IRS May 10, 2024)
- Updated Form 990 for fiscal year 2024 (received by the IRS May 8, 2025)
- Updated Form 990 for fiscal year 2025 (received by the IRS April 8, 2026)
- IRS filings on file for fiscal years 2019–2025
Leadership & Key People
Leadership team and compensation from IRS filings
The 2025 filing lists Daniel Nissenbaum as director and CEO and Jessica Sager as vice chair. Other listed directors are Calvin Gladney, Carol Naughton, David Fleming, Eileen Fitzgerald, Erika Poethig, Gloria Lee, and Michael Solomon. Dionne Nelson is listed as treasurer.
Low Income Investment Fund is led by Daniel Nissenbaum, Director & CEO on every filing since 2019; 11 of 25 officers listed in 2025 are compensated.
Officers on the 2025 filing
Daniel Nissenbaum
Director & CEO
On filings since 2019
40 hrs/week
$475K (2019) → $627K (2025)
Kimberly Latimer-Nelligan
President
COO, Executive Vice President & Cip → President, 2023
On filings since 2019
40 hrs/week
$456K (2019) → $431K (2025)
Reymundo Ocanas
Chair
Secretary → Vice Chair, 2020
Vice Chair → Chair, 2022
On filings since 2019
1 hr/week
No compensation reported
Carol Naughton
Director
Chair → Treasurer, 2022
Treasurer → Director, 2023
On filings since 2019
1 hr/week
No compensation reported
David Fleming
Director
On filings since 2019
1 hr/week
No compensation reported
William C. Kelly Jr.
Director
On filings since 2019
1 hr/week
No compensation reported
Erika Poethig
Director
On filings since 2020
1 hr/week
No compensation reported
Michael Solomon
Director
On filings since 2020
1 hr/week
No compensation reported
Calvin Gladney
Director
On filings since 2022
1 hr/week
No compensation reported
Eileen Fitzgerald
Director
On filings since 2023
1 hr/week
No compensation reported
Tawanna Black
Director
On filings since 2023
1 hr/week
No compensation reported
Gloria Lee
Director
On filings since 2024
1 hr/week
No compensation reported
Yohana Quiroz
Director
On filings since 2024
1 hr/week
No compensation reported
Susan Hyman
Senior Vice President & Chief Credit Officer
Chief Credit Officer → Senior Vice President, 2020
Senior Vice President → Senior Vice President & Chief Credit Officer, 2023
On filings since 2019
40 hrs/week
$249K (2019) → $299K (2025)
Rachel L. Bluestein
Senior Vice President & Chief Program Officer
Senior Vice President & National Program → Senior Vice President & Chief Program Officer, 2023
On filings since 2020
40 hrs/week
$244K (2020) → $280K (2025)
Maria Arellano Baglieri
Executive Vice President & Chief Strategy Officer
On filings since 2021
40 hrs/week
$162K (2021) → $180K (2025)
Denise Noel
Executive Vice President & General Counsel
On filings since 2022
40 hrs/week
$201K (2023) → $302K (2025)
Panagiota Mahendru
CFO & Executive Vice President
On filings since 2022
40 hrs/week
$266K (2023) → $383K (2025)
Stephanie McFadden
Senior Vice President & Chief Lending Officer
On filings since 2023
40 hrs/week
$287K (2023) → $292K (2025)
Christina Shiwbalak
Vice President & Operations
On filings since 2024
40 hrs/week
$272K (2024) → $273K (2025)
Tina Walker
Executive Vice President & Chief People Officer
On filings since 2024
40 hrs/week
$20K (2024) → $276K (2025)
Mary Garling
Senior Vice President & National Early Care Education
New on the 2025 filing
40 hrs/week
$282K (2025)
Russell Bruemmer
Secretary
Treasurer → Secretary, 2022
On filings since 2019
1 hr/week
No compensation reported
Dionne Nelson
Treasurer
Director → Treasurer, 2023
On filings since 2021
1 hr/week
No compensation reported
Jessica Sager
Vice Chair
Director → Vice Chair, 2024
On filings since 2023
1 hr/week
No compensation reported
Former officers (24)
- Former: Donna Gambrell (2019–2024) — Director
- Former: Margaret Anadu (2020–2024) — Director
- Former: Kirsten Shaw (2022–2024) — Vice President, Northeast & Mid-Atlantic Regions
- Former: Sabrina Baptiste (2020–2023) — CAO & Senior Vice President
- Former: Antoinette L. Kyle (2023) — Vice President & Southeast Region
- Former: Arthur Fatum (2023) — Former Interim CFO
- Former: Derek Douglas (2019–2022) — Director
- Former: Patricia Gopaul (2019–2022) — Executive Vice President & General Counsel · Filing note: Until 100721
- Former: Roxanne Huey (2019–2022) — Finance & Corporate Controller
- Former: Giles Coates (2020–2022) — Former CFO
- Former: Art Fatum (2021–2022) — Interim CFO
- Former: Kevin McVey (2022) — Deputy Director & Nmtc
- Former: Amy Laughlin (2019–2021) — Vice President of Structure Products
- Former: Janis Bowdler (2019–2021) — Secretary
- Former: Jonathan Harwitz (2019–2021) — Managing Director-Federal-Pga
- Former: Roy Swan (2019–2021) — Director
- Former: Leila Ahmadifar (2020–2021) — Vice President, Western Region & National Markets
- Former: Laksiri Abeysekera (2019–2020) — Director
- Former: Pamela S. Johnson (2019–2020) — Director
- Former: Brian Prater (2019) — Executive Vice President, Strategic Development & Corporate
- Former: Candace Wong (2019) — Director, Ca Early Care & Education
- Former: Kathryn M. Rock (2019) — Executive Vice President, CFO & CAO
- Former: Nancy Andrews (2019) — Fmr CEO
- Former: Phyllis Caldwell (2019) — Director
Data from IRS Form 990 filings, 2019–2025. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
Compensation Overview
From 2025 IRS filing
The highest reported compensation on the 2025 filing was $627K, to Daniel Nissenbaum (Director & CEO). 11 officers or directors reported compensation on that filing.
Contact
Mailing address: 49 Stevenson St Suite 300, San Francisco, CA 94105
Phone: (415) 489-6102
Website: https://lifund.org
Frequently asked questions about Low Income Investment Fund
How much does Low Income Investment Fund give each year?
Low Income Investment Fund gave $12.1M across 53 grants in 2025, according to its 2025 IRS Form 990. In 2024 it gave $21.3M across 135 grants.
What is Low Income Investment Fund's typical grant size?
Low Income Investment Fund's median grant in 2025 was $103,985, and its average grant was $228,035, across 53 grants on its 2025 IRS Form 990. Organizations receiving their first grant from Low Income Investment Fund that year got $153K on average.
Where does Low Income Investment Fund give grants?
Low Income Investment Fund gives mostly in California: 60% of the grant dollars itemized on its 2025 IRS Form 990 went to recipients there. The next largest states were Texas (21%) and Nebraska (5%). The most frequent recipient cities were San Francisco, CA (27 grants), Houston, TX (8 grants), Spring, TX (2 grants) and Sugar Land, TX (2 grants).
Does Low Income Investment Fund give general operating support?
Not in 2025: none of the 53 grants with a stated purpose on Low Income Investment Fund's 2025 IRS Form 990 were described as general or operating support. Recurring purposes include "Renovations & Repair" (17 grants), "Renovation, Repair & Expansion" (13 grants) and "EQT Grant" (7 grants).
Who are Low Income Investment Fund's largest grantees?
Low Income Investment Fund's largest 2025 grantees include Felton Institute ($3,000,000), Frandelja Enrichment Center Inc ($1,700,000) and My Connect Community ($750,000), according to its 2025 IRS Form 990. Together they received 45% of its itemized 2025 grant dollars.
How large is Low Income Investment Fund?
Low Income Investment Fund reported $786.5M in total assets on its 2025 IRS Form 990. Its revenue that year was $123.4M.
What does Low Income Investment Fund fund?
LIIF says it works to strengthen communities by deploying capital to support high-impact community development projects. Its stated work includes creating and preserving housing options through capital solutions, programs, and policy. See mission & focus areas ↑
How do I apply for a grant from Low Income Investment Fund?
Low Income Investment Fund has no public application process in the sources Grantable reviewed. Check lifund.org for current guidelines, or contact the foundation directly before submitting a request.
What is Low Income Investment Fund's EIN?
Low Income Investment Fund's EIN (Employer Identification Number) is 94-2952578. IRS Form 990 filing data is available on this page for 2019–2025.
Data last updated September 2026. Sourced from IRS Form 990 filings. Research dossier generated September 2026.
Here's the math on researching Low Income Investment Fund by hand.
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