CSG Advisors, Inc.

Public Housing Practice

CSG Advisors (CSG) has been a national leader in advising public housing authorities over the past decade. Our work with public housing authorities has included innovative and nationally recognized approaches to strategic planning and portfolio review, public housing redevelopment and finance, affordable housing development finance, and Capital Fund borrowings. Our clients have included the housing authorities of New York, San Francisco, Puerto Rico, New Orleans, Richmond (VA), Dallas, Seattle, St. Louis, Los Angeles, Washington, D.C., Tampa, Indianapolis, Phoenix, Portland (OR), Monterey (CA), Oakland (CA), Tacoma, and several others.

Our work with public housing authorities has included a broad range of services, most of which can be grouped into the following categories:

Affordable Housing Development. As housing authorities increasingly seek ways to diversify their housing portfolios and reduce reliance on HUD funding sources, CSG has assisted PHAs with developments that do not involve public housing units. We have advised on several transactions that combine tax credits with local and federal subsidy programs to produce developments that are less vulnerable to funding cutbacks. These developments have provided revenue sources that can be used to offset shortfalls at other developments. We are currently working with the Housing Authority of the County of Monterey on several such developments, and have also begun work with the Housing Authority of Santa Clara on its conversion of public housing properties to Section 8 vouchers.

Strategic Planning and Portfolio Review. CSG has helped several housing authorities devise comprehensive plans to address the needs of entire housing portfolios. These strategies make recommendations about redevelopment, modernization, and disposition at key properties, and also include innovative strategies to improve agency operations and reduce reliance on HUD funding sources. Our work also includes financing plans that identify the optimal financing approach to implement the authority’s plans. We also work with authorities to prioritize development activities based on potential funding availability and the capacity of staff to manage development. Most recently, we prepared an Agency Operational Assessment for the Los Angeles County Housing Authority, a Long Range Plan for Renovation and Redevelopment for the Housing Authority of New Orleans, and an Asset Repositioning Strategy for the Sacramento Housing and Redevelopment Authority.

Public Housing Redevelopment. We draw from our expertise in three key areas to provide the best advice to housing authorities. We offer: 1) a detailed understanding of public housing requirements and HUD approvals; 2) nineteen years experience structuring Low Income Housing Tax Credits on behalf of public agencies and non-profit housing developers; and 3) unparalleled experience in multi-family revenue bonds, including over 1,000 bond issues. CSG has advised on nearly 100 mixed-finance transactions, and has worked on every aspect of these transactions including funding applications, selection of financing partners, HUD approvals, and leading parties to financial closing.

Long Term Financial Strategies. We have designed financial strategies for clients seeking to solve significant long-term financial problems. These range from maximizing asset disposition revenues to enhancing revenues and financing public infrastructure costs for major private-public investment projects. For example, in order to expand and leverage the financial capacity of the Sacramento Housing and Redevelopment Agency, CSG developed a detailed asset and liability and leveraging strategy for the Agency. We designed a complex database for inventorying assets and liabilities, which included loans, participations, real property, development rights and securities. The strategy proposed approaches for restructuring and refinancing liabilities, selling and trading assets, and using assets as collateral for new borrowings.

Acquisition and Disposition Analysis. Ongoing reductions in capital and operating funds from HUD have led many authorities to pursue the sale of existing properties in their current portfolios. At the same time, the changing real estate market provides some authorities with a strong impetus to purchase affordable or other properties as an addition to existing PHA property portfolios. CSG is currently assisting a number of housing authorities in evaluating the potential financial benefits of acquisition and/or disposition activities. Earlier this year, we evaluated acquisition proposals for housing authorities in Richmond, Virginia and Orlando, Florida and also advised the Sacramento Redevelopment and Housing Authority on its proposed disposition of scattered site units.

Capital Fund Financing Program. CSG helped pioneer Capital Fund borrowings leveraged with tax credits to substantially increase funds available to housing authorities. We have structured these transactions for New Orleans, King County, Houston, Portland, Puerto Rico, St. Louis, Seattle, and other authorities, generating millions of dollars in tax credit equity that supplements the budget for the authority in each transaction. We helped design the first transactions in the country that generate tax credits on both the acquisition cost of the existing public housing buildings as well as the rehabilitation cost of the modernization work.

Housing Bonds. As the leading advisor on housing bonds, we have the national experience to effectively assess the capabilities of national and regional underwriters throughout the United States. We have pioneered programs like mortgage revenue bonds for home improvement, shared appreciation mortgages, and homeownership assistance for public employees. Over more than two decades, we have responded to changes in the housing and financial markets by implementing new approaches and techniques to make our clients’ programs successful.

HUD. CSG has extensive experience with HUD regulations and programs. Our strong knowledge of HUD processes and our good relationships with HUD staff help facilitate needed approvals on projects. We know what is required, help clients understand and meet those requirements, and move the projects forward as quickly as possible. We are also able to identify circumstances where there may be opportunities for creative solutions within HUD regulations, or special approvals and waivers. We recently assisted New Orleans and Puerto Rico with several demolition and disposition approvals.

Tax Credits. CSG has assisted public agencies and non-profits in structuring low-income housing tax credit projects since the inception of the low-income housing tax credit program in 1987. We have developed proformas, negotiated transactions, solicited and evaluated bids from investors, and structured land leases by public agencies and investments of local funds. We have assisted developers in structuring all aspects of tax credit projects (predevelopment, construction, and permanent phases) and have assisted local governments in funding or selecting viable projects.

Developer Negotiations. We have worked exclusively on behalf of public agencies to negotiate development and partnership agreements with many of the largest and most sophisticated developers, ranging from Catellus to The Walt Disney Company. For example, we worked closely with the San Francisco Housing Authority to negotiate and structure the HOPE VI mixed-income development at North Beach. We have recently helped authorities of Los Angeles and New York City negotiate with affordable housing developers.

Financing for Assisted Living. CSG is currently working with clients to address the growing need for assisted housing, including the statewide efforts of the Washington State Housing Finance Commission and the District of Columbia for replacement of St. Elizabeth’s Hospital. Most recently, we helped the Bremerton Housing Authority finance development of a new assisted living facility.

Select Project Examples

As reflected in the examples below, CSG has worked on some of the most complex and innovative transactions in the field of affordable housing finance, and is experienced with a wide array of funding sources, including tax credits, project revenue bonds, bank loans, HOME and CDBG subsidies, AHP grants, New Markets Tax Credits, MHP and other state funding programs, land sales proceeds, HOPE VI grants, HUD’s Capital Fund programs and bonds, and others.

New York City Housing Authority (NYCHA)
Earlier this year, CSG assisted NYCHA in structuring the financing for the rehabilitation of 21 public housing projects containing over 20,000 dwelling units. These developments, unlike the rest of its public housing stock, received no federal operating subsidies, and were the cause of the growing operating deficit at the agency (over $100M annually). Through a provision in the American Recovery and Reinvestment Act (ARRA), CSG assisted NYCHA in creating a finance and redevelopment strategy that “federalized” almost 12,000 of the units via a mixed finance transaction, and thus receive operating subsidy. As a result of the financing, NYCHA will benefit not only from approximately $75M of annual federal operating subsidies, but was able to leverage over $209M in tax credit equity, $100M in ARRA funds, and $386M of bonds to fund a total of $980M in acquisition and rehabilitation costs. The complex transaction was closed in less than six months. CSG, as financial advisor to NYCHA, structured the financial aspects of the transaction, negotiated the financial terms for tax credit equity, taxable and tax-exempt bonds, and credit enhancement, advised on the formation of new ownership entities completed 29 tax credit applications, and developed materials for HUD as part of the mixed-financed transaction, including completing and submitting disposition applications.

CSG has also has assisted NYCHA in structuring its capital fund bond issue, and was called upon by NYCHA to evaluate the financial and operational risks associated with a developer financial proposal for its $100M HOPE VI development, Prospect Park. CSG developed a financial model using the developer’s assumptions and underwriting in order to provide NYCHA a clear illustration of the proposal’s financial shortfalls. We reviewed the underwriting and commitment status of the developer’s proposed financings sources, and evaluated the overall capacity and readiness of the development team to close, construct and operate the development. On behalf of NYCHA, we engaged in substantial discussions and negotiations with the developer. Because of the financial and operational risks posed by the developer’s proposal, NYCHA ultimately declined to move forward with the developer.

Housing Authority of the County of Los Angeles (HACOLA)
CSG prepared a comprehensive portfolio and operations analysis in 2009 that will pave the way for HACOLA to eliminate operating deficits that have plagued the Authority’s South County AMP for several years. The AMP contained 375 units among 31 developments. Following the Authority’s transition to Asset Management, CSG helped HACOLA identify the cost and management issues (related to the scattered-site and small nature of the developments within the AMP) that were the primary sources of the AMP’s deficits. CSG identified a number of strategies that, taken together, could generate sufficient positive cash flow to balance the finances of the AMP.

Indianapolis Housing Agency (IHA)
In 2008, the IHA embarked on an ambitious program to renovate 1,321 public housing units located in eight developments throughout the City. CSG was selected as the financial advisor to assist IHA with these mixed-finance developments that include Capital Funds, tax credits, Energy Performance Contract (EPC), deferred developer fee, State funds, and other sources. In January 2010, the first two developments secured mixed-finance approval and closed on the tax credit financing despite severe hurdles in the tax credit market for Indianapolis. CSG developed the project proformas, managed the investor solicitation process, secured disposition approvals, and prepared the required mixed-finance documentation, including Rental Term Sheets, Exhibit F, TDC, etc. CSG also prepared financing schedules related to the EPC component of the transaction. CSG is currently performing similar roles for the next phases of the Welcome Home Program, which are expected to close in September 2010 and early 2011.

Sacramento Housing and Redevelopment Agency (SHRA)
CSG was hired in 2006 to develop and implement a long-range plan for SHRA that would reduce SHRA’s dependence on HUD operational and capital subsidies. CSG devised an innovative process for this work that called for identifying priority redevelopment projects early on that could be undertaken while the larger plan was devised. This approach was designed to deliver clear progress to elected officials and surrounding communities, which was important to the success of the larger portfolio study. The CSG team completed the Asset Repositioning Study in 2007. The Study identifies several “Action” developments that represent the best candidates for intervention from the Authority. We are currently helping SHRA implement the Study, which will ultimately include leveraged modernization of elderly highrises, disposition of several properties, and mixed use redevelopment of some of its larger, older developments.

Housing Authority of New Orleans (HANO)
CSG began serving as HANO’s financial advisor in 2002, and played a major role in designing and implementing the Authority’s redevelopment plans until Hurricane Katrina. CSG has prepared financing plans for over 20 developments totaling more than $600 million in project costs. These developments include a range of financing structures that involve tax exempt bonds, tax increment financing, low income housing tax credits, CDBG, HOME, AHP, City funds, and a range of other financing sources. CSG assisted with all aspects of closing multiple mixed-finance transactions, including preparing funding applications, submitting HUD-required documents and approvals, securing tax credit investors and other members of the financing team, and all other tasks related to a successful mixed-finance closing. CSG assisted HANO with its Capital Fund Financing Program bond issuance in 2003 that provided $49.25 million. CSG also helped HANO increase its internal capacity to self-develop its small and medium-sized projects and assisted in negotiations with third-party developers on HANO’s larger sites. In addition, CSG prepared three strategic planning documents for HANO to address its changing needs as an agency both before and after Hurricane Katrina.

Puerto Rico Public Housing Authority (PRPHA)
CSG Advisors assisted PRPHA with one of the most ambitious public housing revitalization programs in the country. PRPHA is the nation’s second largest public housing authority, and many of its 55,000 public housing units have significant capital needs. With CSG’s help, the Authority raised over $200 million in tax credit equity to gut and rehabilitate thousands of units over the next two years. They will do this by transitioning approximately 5,000 units at over 20 different developments into tax credit partnerships. The units will remain public housing and a governmental agency will serve as general partner of the tax credit partnerships, helping ensure long-term public control. The extra funding and resulting rehabilitation work will provide tremendous benefits to the public housing residents and the local economy. CSG developed PRPHA’s financing strategy and is playing many critical roles in its execution. The PRPHA deal was recently named “Deal of the Year” for 2008 by Bond Buyer newspaper.

Housing Authority of the City of Los Angeles (HACLA)
As financial advisor to HACLA, CSG has been closely involved in the redevelopment of the Aliso Village and New Dana Strand projects. An important part of this process has been to create and maintain parallel financing models in order to easily assess potential impacts to the agency of deal terms and other changes proposed by the developer. We have also assisted HACLA in developing alternative financing strategies to maximize the use of tax credits and other funding sources, and to minimize the contributions needed from HACLA. For the Aliso Village project, CSG prepared the RFQ for tax credit investors, analyzed investor responses, and staffed the selection committee when it made its decision. For the New Dana Strand project, CSG has identified strategies to maximize both the financial return to HACLA and the number of ACC units constructed. We have advised HACLA in its negotiations with developers at each stage of this project, and have secured concessions based on our parallel financial analysis.

Richmond Redevelopment and Housing Authority (RRHA)
The RRHA is currently planning the mixed finance redevelopment of two of its major public housing sites, including Gilpin and Dove Street in Richmond, Virginia. CSG Advisors has served as financial advisor in the initial planning stages of these efforts. CSG has created the financial structure for the multi-phase 2,000 unit North Jackson Ward redevelopment and prepared multi-phase project pro formas reflecting the RRHA’s plans. CSG performed similar work for the smaller Dove Street Area, including preparation of a Replacement Housing Factor fund plan to permit the use of RHF funds for Dove Street. CSG also assisted in preparing a developer solicitation for Dove Street. Beyond these specific developments, CSG has also provided general financial and development advice related to the prioritization of capital projects and spending, acquisition of properties, and selection of development partners.

San Francisco Housing Authority (SFHA)
CSG has served as financial advisor on all four of SFHA’s HOPE VI projects, as well as recent redevelopment initiatives without HOPE VI funds such as Hunter’s View and Rosa Parks. For Valencia Gardens, CSG ran the procurement process to help the Authority select the underwriter of the bonds and later helped the financing team overcome two significant challenges. First, due to delays, the project was at risk of losing its private activity bond allocation. CSG worked with the bond underwriter to arrange a special interim financing to preserve the cap. Second, shortly before closing, the bond and tax credit investors were spooked by national news media coverage of the potential threat of a bankruptcy by the Authority. CSG worked closely with the Authority and its financing team to address these concerns and successfully close the financing.

Dallas Housing Authority (DHA)
In 1998, DHA received a $35 million HOPE VI grant to replace the 611-unit Roseland public housing development, just north of Dallas’ downtown. CSG developed alternate financial scenarios and maintained pro formas and cash flows from conception through closing. We also prepared financial sections of nine percent tax credit applications (successful), three bond applications (successful), and four AHP applications (successful), and assisted with six Mixed Finance Proposals/Rental Term Sheets. CSG responded to all HUD comments and inquiries, prepared the overall financial model, helped secure the tax credit investor, reviewed documents, assured an orderly bond closing and assisted with post-closing issues. CSG was also instrumental in preparing the successful HOPE VI grant application for the revitalization of the Frazier public housing development.

City of Phoenix
As financial advisor to the City of Phoenix on its 611-unit Matthew Henson HOPE VI project, CSG has done significant budgeting and financial analysis. We devised the initial master financing plan for the redevelopment, breaking it into five phases to maximize financing leverage. Our detailed development budgets and financing models were used to secure HUD approvals and were included in the Developer RFP. Once the third-party developer was hired, CSG’s role shifted to reviewing the developer’s financing plan and cost estimates. Because our client is responsible for providing any gap financing, CSG plays a critical role in ensuring that the developer’s financing plan is sound – we do not want any surprises. CSG has worked closely with the City and the developer to ensure that all costs are reflected in the budgets, that they are conservatively estimated, that they fall within HUD safe harbor limits, and that they meet other requirements such as the state’s tax credit underwriting standards.

Seattle Housing Authority (SHA)
In December of 2005, CSG helped the SHA close its first capital fund bond financing. Seattle is using proceeds of the bonds along with 4% tax credits to rehabilitate 704 units of housing in seven different developments. This is the first of three planned financings, which collectively will rehabilitate nearly half of Seattle’s public housing portfolio. The second phase closed at the end of 2006, and CSG is currently working on the third and final phase, which is expected to close later this year. CSG assisted Seattle in several critical ways in this financing. We created the financial models that described the overall financing and were used in the solicitation for tax credit investors. We helped develop an innovative security structure including a collateral account to provide adequate security to the bank lender, and provided detailed cash flow analyses to assure all participants that the security structure would work. We assisted in obtaining HUD approvals, including procuring and managing the provider of third party fairness opinion that was incorporated in the CFFP application to HUD.

Tacoma Housing Authority (THA)
Since 2001 CSG Advisors has been assisting THA with its affordable housing development efforts. This work includes the seven-phase 1,200-unit Salishan HOPE VI redevelopment, as well as numerous other smaller developments including both rehabilitation and new construction and several tax credit projects. In the last few years, we have helped Tacoma wean itself from reliance on third-party developers for the Salishan project. For example, in 2007 we closed phase four of the project, in which THA was the sole developer for the first time. This has brought many benefits to the Authority, both in terms of greater control over its project and larger developer fees. In 2008, we closed phases five and six of the Salishan project, continuing THA’s success with self-development.

Housing Authority of the County of Monterey (HACM)
CSG has provided comprehensive advisory services on six financings for HACM, including initial structuring, application assistance, creating and managing the pro forma, procuring investors, negotiating transaction terms, and closing. These projects have included 4% tax credits and tax-exempt bonds, 9% tax credits, Section 8 project based assistance, USDA loans and operating subsidies, and multiple local, state, and federal sources. CSG has managed the solicitation, evaluation, selection, and negotiations with underwriters, lenders, and tax credit investors. We have prepared tax credit and bond applications and have helped Monterey obtain and structure numerous other funding sources for its developments. We are currently working on behalf of HACM for other housing authorities on restructuring difficult developments.

Bremerton Housing Authority (BHA)
In December of 2005, CSG helped the Bremerton Housing Authority complete its first-ever issuance of municipal bonds. The $7.54 million issue financed the Bay Vista Commons project, a 72-unit assisted living facility, 60 units of which are public housing. This financing was the first of many Bremerton expects as it starts the comprehensive revitalization of its 582-unit Westpark public housing development. CSG worked closely with Bremerton and its underwriter to review the unique characteristics and risks associated with assisted living facilities, to develop the security structure for the financing, and to provide comprehensive disclosure about the project in the bond official statement. We are currently assisting BHA in implementing subsequent phases of Westpark following a successful HOPE VI grant application that we helped prepare.

Oakland Housing Authority (OHA)
CSG has served as OHA’s financial advisor since 1999, assisting with the implementation of 3 multi-phase HOPE VI projects and several other developments. CSG also prepared the financial analysis that resulted in the successful award of $35 million in HOPE VI funds for the Coliseum Gardens project. For the Chestnut Court HOPE VI project, CSG was heavily involved in negotiations, and proposed the approach used by the Oakland Housing Authority to negotiate the Development and Disposition Agreement. We also created several scenarios for and assisted in the selection of one method of financing for the Oakland Chestnut Court HOPE VI project, which includes an initial approach using nine-percent credits leveraged with other funds to minimize the housing authority’s contributions. CSG recently assisted OHA with its Tassafaronga development, a two-phase redevelopment effort comprised of 157 low income units financed with 4% LIHTC and several other funding sources.

Housing Authority of Portland (HAP)
Since 2003 CSG has assisted the HAP with four housing bond issues for projects they are self-developing. All four were structured as private activity bonds to leverage 4% tax credits. Three of the four were secured by project revenues, and the fourth was secured by Capital Funds under HUD’s Capital Fund Financing Program. The different bond issues used a variety of structures, including tax-exempt and taxable bonds, fixed rate and variable rate bonds, and privately placed and publicly underwritten bonds. CSG helped Portland structure and optimize each of these bond financings. We analyzed the financial benefits of adding Project-Based Vouchers to the unit mix, and helped secure HUD approval of a revised Revitalization Plan including the PBV units. We also explored a variety of bond structures including variable rate bonds supported by a bank letter of credit vs. a GSE letter of credit, variable rate bonds hedged by an interest rate swap vs. an interest rate cap, fixed rate bonds supported by GSE insurance vs. FHA insurance, and other options. We helped write the RFP’s and run the selection processes for lenders and underwriters. After settling on a variable rate structure for one of the financings, CSG helped Portland evaluate proposals and negotiate terms on the letter of credit to support the bonds.

Resumes of Key Personnel

Gene Slater

Gene Slater, Chairman of CSG Advisors, has more than 29 years of experience structuring financings, development programs, and real estate transactions for public agencies throughout the United States. Mr. Slater has served as financial advisor on more than $8 billion of financings for affordable housing. Many of these financings link tax-exempt bonds and tax credits with public land and a wide range of federal, state, and local resources.

In the multifamily area, Mr. Slater has helped structure financings for more than 500 projects. He has structured more than 150 bond issues backed by HUD payments. He was selected and served as HUD Central’s national consultant for reviewing complex FHA multifamily refunding requests. For HUD’s Office of Public Housing Investments, he served as national expeditor for some of the largest public housing redevelopment projects.

Mr. Slater has worked on public housing redevelopment efforts for a wide range of housing authorities. His work has included for use of capital grant funds, HOPE VI and local resources. He prepared the fairness opinion for the District of Columbia Housing Authority’s $80 million capital grant financing.

Mr. Slater is a graduate of Columbia University (Summa Cum Laude) and the Massachusetts Institute of Technology (Master of City Planning). He attended the London School of Economics on a special traveling fellowship awarded to one student annually by Columbia University. He received a mid-career Loeb Fellowship from Harvard University where he studied capital markets for housing at the Harvard Business School and structured seminars for Harvard and M.I.T. on public-private partnerships.

John Hamilton

Mr. Hamilton has, since 1994, specialized in analyzing the financial feasibility of real estate developments involving affordable housing, and in analyzing and structuring financings involving public and private financing. Mr. Hamilton has served as financial advisor on more than 20 single family transactions and 100 multifamily transactions, with total respective par amounts of $300 million and $1 billion, including financings for the City of Los Angeles, San Francisco, San Diego, Santa Ana, and Phoenix, AZ. These financings have included public, negotiated sales and private placements; credit enhanced and non-credit enhanced; security types including direct-pay and standby letters of credit, bond insurance, mortgage-backed securities, whole-loan; real-estate backed and HUD capital funds.

The types of assignments that are typical of his work at CSG include complex multifamily bond financings -- including HOPE VI transactions using 4% tax credits, single family bond structuring and program analysis, and structuring 9% tax credit housing transactions. He readily analyzes project financings involving funds such as HOME, redevelopment set-aside, FHA insured loans, Section 8, capital grant borrowings, low income housing tax credits, local housing trust fund, monies, and AHP.

These financings have included public, negotiated sales and private placements; credit enhanced and non-credit enhanced; security types including direct-pay and standby letters of credit, bond insurance, mortgage-backed securities, whole-loan; real-estate backed and HUD capital funds.

Mr. Hamilton brings comprehensive knowledge of tax-exempt bond financing for multifamily and single family housing, low-income housing tax credits (both 4% and 9%), and real estate underwriting. Mr. Hamilton not only assists issuers in structuring and issuing individual financings, but also in analyzing the intersections between real estate underwriting and transaction structuring. He has provided numerous services to issuers, including: structuring affordable housing developments to use Low Income Housing Tax Credit (LIHTC) syndication proceeds (both 4% and 9%); developing bond issuance policies, performing default refunding analysis; evaluation of potential acquisition and rehabilitation projects; feasibility analyses for public agency subordinate loans and workouts; evaluation of expiring Section 8 projects; and structuring over $100 million of HOPE VI financings for the Los Angeles, New Orleans, Richmond and San Francisco Housing Authorities.

Mr. Hamilton holds Bachelor of Arts and Bachelor of Music degrees from Oberlin College and also holds a Masters in City Planning from the University of California, Berkeley.

Eric Olson

Eric Olson has been with CSG Advisors since 2002 and served as consultant to SHA on the three homeWorks financings combining HUD Capital Fund Bond financings with 4% tax credits. He has over fifteen years of experience in affordable housing and public finance, including over $3 billion in municipal bond financings.

Mr. Olson specializes in housing finance tools including housing bonds, low income housing tax credits, HUD mixed-finance transactions, and HUD capital fund financings. In addition to SHA, other public housing authority clients he has served include those of Bremerton (WA), the District of Columbia, Dublin (CA), Fresno (CA), King County (WA), Oakland (CA), Oxnard (CA), Portland (OR), the Commonwealth of Puerto Rico, Sacramento (CA), San Francisco (CA), Santa Clara (CA), and Tacoma (WA). Major HOPE VI projects on which he has worked include 341-unit North Beach Place in San Francisco, 850-unit New Columbia in Portland, 1,200-unit Salishan in Tacoma, 641-unit Matthew Henson in Phoenix, and 260-unit Valencia Gardens in San Francisco. In the past few years he has closed HUD capital fund financings for the housing authorities of King County, Portland, Puerto Rico, St. Louis, Seattle, and Tacoma. Mr. Olson has also worked with other non-PHA clients including the Washington State Housing Finance Commission and the City of Santa Monica.

Prior to joining CSG Advisors, Mr. Olson served as Deputy Director and Chief Financial Officer of Mid-Peninsula Housing, a non-profit affordable housing developer, property manager, and social service provider. At Mid-Peninsula, Mr. Olson oversaw over 200 employees and more than 4,000 units of affordable rental housing in Northern California. Mr. Olson developed extensive asset management procedures for Mid-Peninsula Housing and its 20+ tax credit partnerships, and he helped create an affiliated social services corporation with an annual budget in excess of $1 million.

Nicole Graham

Nicole Graham joined CSG in its San Francisco office in 2003. Ms Graham offers ten years of experience in public sector finance, affordable housing, and real estate economics.

At CSG, Ms. Graham has worked for housing authority clients in New York (New York City), Virginia (Richmond), Florida (Tampa), Indiana (Indianapolis), Louisiana (New Orleans), Texas (Dallas, Galveston and Houston), California (Los Angeles, Oakland, Sacramento, and San Francisco), and Washington (Tacoma, Bremerton, and Port Angeles) on a range of mixed-finance transactions involving low-income housing tax credits, tax-exempt bonds, HOPE VI demolition and revitalization grants, Community Development Block Grant (CDBG) funds, Affordable Housing Program (AHP) grants, private debt, and various state and local funding sources. Her work has involved combining public housing units with other affordable, market-rate, and homeownership components.

Ms. Graham has advised on dozens of mixed finance transactions, including six HUD capital fund financings. She has advised on all aspects of housing authority developments, including strategic planning, developer selection, funding applications, financing scenarios and financial closing. She has solicited tax credit investors and lenders, and negotiated documents with financing partners. Ms. Graham is experienced in preparing HUD submittals, including those for capital fund financings and mixed-finance transactions, as well as HOPE VI applications, RHF plans, site acquisition plans, and development proposals. She has also prepared the financial components of more than twenty-five tax credit and AHP funding applications.

Prior to her work with CSG, Ms. Graham worked for Economic and Planning Systems in California and Urban Partners Consulting in Pennsylvania, where she consulted dozens of public agencies on a wide variety of affordable housing, financial feasibility, and economic impact studies and analyses. In addition, Ms. Graham has experience in the public sector working as a policy advisor to the City Council of Oakland, California.

Ms. Graham holds a Bachelor of Arts degree in Political Science from UC Berkeley, and a Master of Arts degree in Public Affairs and Urban and Regional Planning from Princeton University.

Kim Mondelli

Kim Mondelli joined CSG in its San Francisco office in 2005. Ms Mondelli offers five years of experience in public sector finance, affordable housing, and real estate economics.

At CSG, Ms Mondelli has worked exclusively on mixed-finance developments and portfolio analysis for public housing authorities. Ms Mondelli is currently leading CSG’s work with the Housing Authority of County of Monterey, and has closed six transactions for the Authority, who acted in the role of developer, property manager, soft debt lender, guarantor, and issuer. She is responsible for the development of the financial structures and alternative financing scenarios, the solicitation for and negotiation with lenders and equity investors, the financial components of funding applications, and advises on both strategy and logistics. Her engagement has spanned from project concept past financial close through to operations, in order to ensure the Authority continues to meet the funding requirements of financial partners and regulatory agencies.

She has also served other public agency clients in California (City of Los Angeles Housing Department, Richmond Housing Authority, Oakland Housing Authority, City of Napa, San Diego Housing Commission, Fairfield Department of Community Development, and San Francisco Mayor’s Office of Housing), Louisiana (Housing Authority of New Orleans), New York (New York City Housing Authority), and Florida (Orlando Housing Authority) on a range of mixed-finance transactions involving low-income housing tax credits, tax-exempt bonds, HOME funds, USDA funds and rental assistance, PBS8 rental assistance, CDBG funds, AHP grants, private debt, and other state and local funding sources. The engagements have additionally involved developer negotiations when the public agency is acting in the role of issuer or soft debt lender.

Prior to her were work at CSG, Ms. Mondelli performed policy analysis for SPUR, an urban planning research association, and developed a revenue diversification strategic plan for an Oakland-based micro-finance non-profit. Before her career in public finance, Ms Mondelli spent eight years in hi-tech, working for Hewlett Packard and Intelligent Markets both in technical sales and software development producing a convertible bond trading platform, machine vision diagnostic tools, and factory floor automation.

Ms. Mondelli completed her Master of Public Policy at the University of California, Berkeley, and earned her Bachelor of Science degree in Electrical Engineering from Cornell University.

Debbie Quitugua

Debbie Quitugua joined CSG Advisors in 2004 and has more than 19 years affordable housing experience. This experience includes the preparation of various documents required for the development and revitalization of affordable housing; development and drafting of funding proposals including HOPE VI, LIHTC, and AHP proposals; requests for HUD approvals (mixed finance proposals, requests for demolition/disposition approval, designated housing requests, etc.); briefing packages; Capital Fund Annual and Five Year Plans; Annual and Five Year Agency Plans; management documents; requests for proposals for required services, and other documents as needed. She has been responsible for the administration and compliance monitoring of several programs including HOPE VI, the Comprehensive Grant and Capital Fund Programs, Affordable Housing Program, and Low‑Income Housing Tax Credits. Ms. Quitugua has also managed due diligence documentation for both lenders and tax credit investors in mixed-finance public housing developments.

In addition to the development of affordable housing, Ms. Quitugua has extensive knowledge and experience in the operations of the Public Housing and Section 8 programs including the development of Five Year and Annual Agency Plans; monitoring and tracking of more than $200 million in development and modernization program funds for more than 20 housing sites over a 10 year period; development and drafting of policies and procedures; and creation of a Section 8 project-based housing assistance program. Ms. Quitugua served as a committee member on the National Negotiated Rule Making Committee for the Capital Fund Allocation.

Prior to joining CSG Advisors, she was employed by the Dallas Housing Authority (DHA) for more than 13 years, with her last post being that of Vice President of Affordable Housing.

Ms. Quitugua holds a BS in English and Political Science and a Masters in Public Administration from Texas A&M Commerce.