SAN FRANCISCO – June 19, 2012 – The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) today announced that the Low Income Investment Fund (LIIF), a nonprofit CDFI that has invested $1 billion in low income communities nationally, has become a member of the Bank.
“Federal Home Loan Bank membership gives the Low Income Investment Fund reliable access to low-cost funding and financial risk management tools to further expand its lending capacity,” said Nancy O. Andrews, President and Chief Executive Officer of LIIF. “Financing from the Bank will allow LIIF to continue its mission of mobilizing capital at scale to make high-impact loans for projects that support healthy families and communities, such as affordable housing, charter schools, transit-oriented developments, childcare centers, healthy food retail and health centers. LIIF is both proud and excited to join the Federal Home Loan Bank of San Francisco.”
“For nearly three decades, the Low Income Investment Fund has been a trailblazer in community development and affordable housing finance,” said Dean Schultz, President and Chief Executive Officer of FHLBank San Francisco. “We share their goal of meeting the needs of underserved communities, and look forward to providing them with access to low-cost credit products and community investment programs that can support their innovative and comprehensive approach to community development.”
CDFIs are private, nonprofit and for-profit financial institutions that provide financial services to encourage economic development and community revitalization in underserved markets. In 2010, the Federal Housing Finance Agency implemented provisions of the Housing and Economic Recovery Act of 2008 (HERA) that permitted qualifying CDFIs to become members of an FHLBank. Eligible institutions include privately insured, state-chartered credit unions, community development loan funds, and venture capital funds that are certified by the Community Development Financial Institutions Fund of the U.S. Department of the Treasury.
As a member of the Bank, LIIF will have access to short- and long-term credit to meet funding needs, reduce financing costs, manage liquidity, and help mitigate interest rate risk, enabling it to expand its capacity to promote economic growth and stability in low-income communities. LIIF will also be able to participate in the Bank’s affordable housing and economic development grant programs, which awarded over $70 million in grants in 2011.
Low Income Investment Fund
The Low Income Investment Fund (LIIF) invests capital to support healthy families and communities. Since 1984, LIIF has served 1 million people by providing $1 billion in financing and technical assistance. Over its history, LIIF has supported efforts to create and preserve: 56,000 units of affordable housing; 190,000 child care spaces; 58,000 spaces in schools; and 3.6 million square feet of community facilities and commercial space. LIIF’s work has generated $20 billion in family income and societal benefits. LIIF has offices in San Francisco, Los Angeles, New York City and Washington, D.C. For more information about LIIF, visit www.liifund.org.
Federal Home Loan Bank of San Francisco
The Federal Home Loan Bank of San Francisco delivers low-cost funding and other services that help member financial institutions make home mortgage loans to people of all income levels and provide credit that supports neighborhoods and communities. The Bank also funds community investment programs that help members create affordable housing and promote community economic development. The Bank’s members are headquartered in Arizona, California, and Nevada and include commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions.
FHLBank San Francisco
Low Income Investment Fund