The Low Income Investment Fund (LIIF) is one of the premier community development financial institutions (CDFIs) in the nation. Its mission is to alleviate poverty and provide pathways of opportunity for low income families and communities. To date, LIIF has invested over $2.3 billion in thousands of low-income communities across the country, which has leveraged $11.3 billion in additional capital, lifting local economies and creating opportunities for America’s most vulnerable citizens. These investments have improved the lives of over 2 million people and created $60 billion in social benefits by improving health outcomes, boosting household savings and increasing graduation rates. LIIF’s investments have created affordable homes, great schools and good jobs, as well as giving families access to quality child care, health care and other essential services.
LIIF is a dynamic, high-performing nonprofit organization that sits at the center of social change and finance. From this unique vantage point, LIIF has the scale and experience to bring public, private and community stakeholders together to solve our nation’s most pressing challenges. Over the last 20 years, LIIF has grown its capital base from $35 million to over $1 billion. LIIF currently invests in 30 states across the country, and last year, deployed $300 million in grants and loans to high-impact organizations. It currently has more than 70 employees in five cities, including its headquarters San Francisco and local offices in Los Angeles, New York, Washington, D.C. and Atlanta.
The organization is on the leading edge of the national conversation to change the way America invests in the places people live, work and play. Its programs are forward-looking and have led to key innovations in the community development field, including:
• Launching the Strong, Prosperous, And Resilient Communities Challenge (SPARCC) initiative with Enterprise Community Partners, the Natural Resources Defense Council and the Federal Reserve Bank of San Francisco to spur collaborative, community-driven approaches
• Providing national policy leadership particularly around community finance and affordable housing issues, including in the creation of the Capital Magnet Fund and its passage into law within the 2008 Housing and Economic Recovery Act; additionally, supporting local and state policy innovations, like informing the inclusion of affordable housing and transit- oriented development in California’s cap-and-trade legislation •
• Developing the Social Impact Calculator, a first-of-its-kind tool to monetize the social impact of LIIF’s community investments
• Creating Equity with a Twist, a social impact investment that supports integrative, outcomes-driven solutions to poverty
• LIIF both allocates federal credits, secures investors and lends into complex structures for real estate projects, leveraging nine straight allocations of federal New Markets Tax Credits, totaling over $500 million.
• LIIF lends utilizing on balance sheet capital as well as by structuring off balance sheet funds which are capitalized by separate investors and/or utilize credit enhancements.
The CFO is responsible for the following functional areas: financial management, including financial controls, accounting, budgeting, forecasting, analysis, capital raising and cash management. The CFO works closely with the President and other members of the leadership of LIIF to develop long-term strategic initiatives for the organization.
The CFO reports to the President and CEO. Other key direct reports to the CEO include the General Counsel, Chief Operating Officer, Chief Administrative Officer and Chief Strategy Officer. The CFO is responsible for leading LIIF in the formulation and execution of its financial strategy. The CFO is also responsible for providing strategic leadership for the financial operational infrastructure that supports a smooth operating environment for the LIIF’s programs and business activities at its present scale, but can accommodate the expansion contemplated in LIIF’s strategic growth plans. The position interacts with the Board of Directors and the Board’s Finance and Audit Committees. The position directly supervises three staff members and a finance department of 13, including 2 Vice Presidents.
The CFO is responsible for oversight of essential functions in the following areas:
FINANCIAL STRATEGY, MANAGEMENT AND PLANNING:
• Responsible for the accounting, tax, insurance, budget and treasury functions, managing investments and liquidity, and developing/maintaining existing on balance sheet investor relationships. • Oversee the financial management and strategy of the company. • Manage annual budgeting process. • Analysis of actual operating results. • Oversee forecasting, including cash forecasting and operating performance forecasting. • Multi-year financial scenario planning. • Treasury management including managing operating cash funds. • Manage investment of idle cash in a manner consistent with LIIF’s Board approved investment policies and guidelines. • Capital raising. • Develop and maintain asset/liability-matching capability. • Oversee the organization’s real estate portfolio and leasing agreements.
FINANCIAL ACCOUNTING AND ANALYSIS:
• Oversee general accounting operation. • Establish and maintain appropriate internal controls. • Provide monthly financial reports and forecasts. • Oversee annual financial audit.
• Working in close cooperation with the President and CEO and the Chief Operating Officer, assist in the organization’s efforts to raise new capital for LIIF’s lending programs, assemble special capital funds, and expand LIIF’s investors. • Lead efforts to source new relationships and capital, as well as manage bank relations. • Responsible for balance sheet capital renewal with existing investors. • Oversee investor note product.
• Staff Finance Committee and Audit Committee; serve as primary LIIF contact overseeing reporting to both groups. • Attend Board of Director meetings.
• Other duties as assigned.
The ideal candidate for the position of Chief Financial Officer at LIIF will have at least ten years of progressive experience in finance and administration and will possess the following professional qualifications and personal attributes:
• Financial accounting, cash management, analytical and budgeting skills. • MIS management capabilities. • Lending experience, preferred. • Debt and equity capital strategies, preferred. • Ability to manage product profitability analyses, as well as consideration of different lines of business. • Strong written and verbal communication skills. • Interpersonal skills to effectively communicate with peers, staff, Board, investors and other outside professionals. Must be comfortable speaking at conferences, presenting to external constituencies, and representing the organization on a national level. • Ability to work under pressure and in a fast-paced environment. • Ability to manage multiple projects and negotiate competing priorities. • Extensive managerial experience. • Self-motivation, attention to detail and a team approach when working with staff, Board members and external stakeholders is required for this demanding position. • Dynamic thinker, with an ability to work as a true business partner with the CEO • Experience utilizing controller / financial planning functions for strategic purposes • Understanding of the division of different business functions within an organization and significance on line profitability and cross-subsidization • Experience evaluating external opportunities (products, businesses, joint ventures, etc.) • Must be committed to LIIF’s mission and values and passionate about Social Justice and Equity.
A bachelor’s degree is required. An MBA, CPA, or related advanced degree and/or certification is preferred.
Compensation will be competitive and commensurate with experience.
Daniel A. Nissenbaum, President & CEO
Daniel A. Nissenbaum is the President and Chief Executive Officer of the Low Income Investment Fund (LIIF). LIIF is a Community Development Financial Institution (CDFI) that has invested $2.3 billion in community projects. LIIF’s investments have leveraged $11.3 billion in private capital for poor communities in 30 states across the U.S. and generated $60 billion in benefits for families and society.
Established more than 30 years ago, LIIF has served more than 2 million low income people by providing capital for 75,000 affordable homes for families and children, 269,000 spaces of child care and 94,000 spaces in schools. LIIF targets the poorest of the poor and builds bridges out of poverty for low income people and their communities. LIIF is a national CDFI with staff and offices in San Francisco, Los Angeles, New York City, Washington, D.C. and Atlanta.
Prior to LIIF, Mr. Nissenbaum was a Managing Director at Goldman Sachs, where he oversaw Community Reinvestment Act compliance for the firm’s Urban Investment Group and capital investment for the 10,000 Small Businesses program. Previously, he has also held real estate and community development finance positions at Chemical Bank, Chase Manhattan Bank Community Development Corporation (CDC), JPMorgan CDC and HSBC Bank. In addition, Mr. Nissenbaum served as an Investment Officer with the Merrill Lynch Community Development Company, where he was actively involved in debt financings, including construction lending, revolving credit facilities and other community development financings to for-profit and non-profit intermediaries.
He holds positions on several boards including the Community Restoration Corporation. Mr. Nissenbaum was Chairman of the Board of Governors and a Trustee for the National Housing Conference and served as a Member of the Advisory Boards of UV Partners, Center for Housing Policy, The Center for NYC Neighborhoods and the Bill T. Jones/Arnie Zane Dance Foundation.
Mr. Nissenbaum earned a Bachelor's Degree from Grinnell College and a Masters of Business Administration from Columbia Business School.