“We are professionals that specialize in linking together public finance and real estate while maintaining our principles.”
Areas of expertise: Affordable Housing Finance • Public Housing Authorities • Strategic Plans and Program Development • Public Finance • Infrastructure and Land Development • Universities and Non-Profits
Gene Slater has more than 37 years of experience structuring financings, development programs, and real estate transactions for public agencies throughout the United States. Gene has advised on more than $10 billion of financings for affordable housing and development. Many of these more than 1,000 transactions link tax-exempt bonds and tax credits with public land and a wide range of federal, state, and local resources.
He has been a national leader in structuring single-family bonds and homeownership programs. In the multifamily area, Gene helped structure financings for more than 500 projects, served as HUD Central’s national consultant for reviewing complex FHA multifamily refunding requests and served as the Resolution Trust Corporation’s financial advisor on all tax-exempt assets including 800 multi-family projects. Gene specializes in structuring and negotiating major public-private development projects, overall financial sustainability strategies for public agencies and programs, and redevelopment of public housing.
Gene 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 Loeb Fellowship from Harvard University where he studied real estate and housing capital markets at the Harvard Business School and structured seminars for Harvard and M.I.T. on public-private partnerships.
President and CFO
Areas of expertise: Affordable Housing Finance • Strategic Plans and Program Development • Public Finance
Tim has specialized in affordable housing since 1978. Joining CSG in 2002, he has led in providing financial advisory services to housing finance agencies throughout the U.S. A decade ago, Tim developed indenture management strategies that anticipated the intervening HFA challenges, and he has been responsible for conducting key components of planning and resource allocation studies for a number of state HFAs. Tim has many years of experience implementing single family, multifamily, and other affordable housing transactions under parity and stand-alone indentures. His expertise also includes loan program design and troubleshooting, TBA program implementation, hedging strategies, and interest rate swaps and valuation.
Prior to CSG, he directed national housing groups at Evensen Dodge, A.G. Edwards, and Donaldson Lufkin & Jennrette, and managed EF Hutton’s quantitative services group. He has held leadership roles in developing well over $30 billion in single family and multifamily financings and, as an investment banker, served as lead of underwriting teams for 22 state HFAs.
Tim is a graduate of Swarthmore College and has an MBA in Finance from the University of New York at Albany.
Areas of expertise: Affordable Housing Finance • Public Housing Authorities • Tax Credits • Strategic Plans and Program Development
Since 1994 John has specialized in analyzing the financial feasibility of real estate developments involving affordable housing, and in analyzing and structuring financings involving public and private financing. He 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. 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. He 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 developing bond issuance policies, performing default refunding analysis, evaluation of potential acquisition and rehabilitation projects and feasibility analyses for public agency subordinate loans and workouts.
John holds a Masters in City Planning from the University of California, Berkeley and Bachelor of Arts degree from Oberlin College.
Areas of expertise: Affordable Housing Finance • Strategic Plans and Program Development • Public Finance • Infrastructure and Land Development • Universities and Non-Profits
Scott joined CSG in June 1998. His public financing practice is significant and varied. Since coming to CSG, Mr. Smith has assisted in the structuring of over $3 billion in public agency issued bonds primarily related to Mello-Roos, general-fund lease revenue, and tax allocations bonds in California. . He has also completed more than $600 million in CFD financings. He recently helped develop major new utility financing pledges and has implemented major lease financing strategies for several cities and counties in California. He evaluated the most efficient method to defease bankruptcy-related debt from $267 million in litigation settlement proceeds. He provided financial capacity analysis including multiple redevelopment project areas. This work has involved determining debt capacity, timing, and layering of land district, tax increment, and special revenue financings to fund public improvements, developer financing proposals, and short-term bridge-financing mechanisms until tax increment is generated. He conducted a financial analysis for the acquisition of a $50 million building that housed a County’s social services agency that involved a complicated review of federal and state accounting rules for reimbursements for lease and operating costs.
One of his specializations is land-district financing where he has helped resolve complicated defaulted Mello-Roos Bond transactions from the early 1990’s. He has helped implement major land district financing strategies for several cities and counties. He has assisted in negotiations with private developers on land acquisition for four separate school sites (2 schools constructed to date) and approximately $500 million in assorted public facilities to be financed from Mello-Roos bonds. He assisted in developing policies and procedures to award over $300 million of Recovery Zone Facility and Economic Development Bond allocation available under the ARRA.
Scott serves his community as Board Chair of Berkeley, CA-based Satellite Affordable Housing Associates, Inc., a non-profit 501(c)(3) affordable housing owner, manager and developer of over 3,000 units around the Bay Area. He has a Bachelor of Science in Business Administration from Pepperdine University, and a Masters in Public Policy from the University of California, Berkeley.
Areas of expertise: Affordable Housing Finance • Public Housing Authorities • Tax Credits • Strategic Plans and Program Development
Nicole has worked almost exclusively on affordable housing developments and related work for public housing authorities and their affiliates since 2003. At CSG, Nicole advises public housing authority clients on structuring affordable housing transactions, optimizing development potential with limited resources, managing the development process, repositioning real estate portfolios, and improving agency efficiency. Her specialties include: structuring financing and securing key funding sources for affordable housing development projects; evaluating client portfolios and advising on strategic revitalization, redevelopment, disposition and other options to reposition assets and generate new sources of revenues; maximizing private funds by securing optimal financing terms from tax credit investors, lenders, and other partners; and advising on HUD housing programs, including public housing, Section 8, HOME, Section 202, and home ownership as well as FHA lending products. Her work has focused on structuring transactions that combine LIHTC, Section 8, and public housing rental units with other affordable, market-rate, and homeownership components to achieve financially feasible mixed-income developments. She has advised several clients on structuring HUD capital fund borrowings, tax increment financing, and other types of debt to bring additional resources to major redevelopment efforts. She has advised on all aspects of mixed-income developments, including strategic planning, developer selection and negotiation, funding applications, financing scenarios and financial closing. She has solicited tax credit investors and lenders, and negotiated documents with financing partners. She has also prepared the financial components of more than sixty funding applications, including tax credit, AHP, HUD, and other sources.
Prior to her work with CSG, Nicole 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, she has experience in the public sector working as a policy advisor to the City Council of Oakland, California.
Nicole 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.
Areas of expertise: Affordable Housing Finance • Strategic Plans and Program Development • Cash Flow Analyses and Quantitative Services
David has served in the affordable housing industry since 2002 and with CSG since 2005, specializing in advisory services, strategic planning, single family bond structuring, and indenture management. At CSG, David has provided primary financial advisory services to several state and local HFAs. He also provides analytical and structuring services and assists in overseeing the firm’s quantitative services across its HFA clients.
David assists HFAs in strengthening their master indentures and financial flexibility through a range of executions including bond redemption strategies, liquidity replacement, and evaluating economic refunding and new issuance opportunities. He has helped HFAs develop financial sustainability strategies as well as monitoring several HFA pipelines to provide advice on best execution, whether with TBA sales of MBS or bonds.
Additional roles and capabilities include the preparation and updating of open indenture consolidated cash flow analyses for several HFAs, as well as modeling strategic financial framework and long term resource allocation studies. During his tenure with CSG, he has structured over $5 billion in new housing bond issues as well as preparation of rating agency cash flow analyses and IRS yield calculations. He also actively computes Universal Cap calculations for issuers who have engaged in active cross-calling.
Prior to CSG, David was a Senior Accountant specializing in Low Income Housing Tax Credits at Novogradac & Co.
David is a CPA and holds a Masters in Accountancy and a Bachelors of Business Administration in Accounting from Millsaps College.
Areas of expertise: Affordable Housing Finance • Public Housing Authorities • Tax Credits • Strategic Plans and Program Development • Public Finance
Eric joined the San Francisco office of CSG Advisors in 2002 and offers several years of experience in affordable housing and public finance, including over $3 billion in municipal bond financings. He specializes in finance tools including housing bonds, low-income housing tax credits, HUD mixed-finance transactions, HUD capital fund financings, and public housing dispositions and conversions through RAD and other programs. He has closed HUD capital fund financings for several housing authorities and also works with other non-PHA’s.
Prior to joining CSG Advisors, Eric 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, he oversaw over 200 employees and more than 4,000 units of affordable rental housing in Northern California. He developed extensive asset management procedures for Mid-Peninsula Housing and its 30+ tax credit partnerships, and helped create an affiliated social services corporation with an annual budget over $1 million. Eric also previously worked for seven years in public finance investment banking at J.P. Morgan Securities Inc. and Rauscher Pierce Refsnes, Inc. (now RBC Capital Markets). In his work he provided both financial advisory and investment banking services to public sector clients throughout the Western United States. He also has experience in the public sector, where he previously worked for the City of New York, New York.
Eric holds a Master of Business Administration degree from the Stanford Graduate School of Business and a Bachelor of Arts degree from the University of Pennsylvania.
Areas of expertise: Cash Flow Analyses and Quantitative Services • Affordable Housing Finance
Mark joined CSG Advisors in 2015 and brings with him extensive experience working in the Structured Housing Finance industry. He is acting as a Project Manager in the quantitative solutions group of CSG Advisors and is facilitating the completion of tax exempt and taxable single family housing finance bond issues through the employment of several specialized software applications.
Prior to joining CSG Advisors, Mark worked at cfX Incorporated for 25 years. He initially acted as a Principal Consultant at cfX. In that role, he was a senior advisor and worked on more than 100 housing finance bond issues ranging from $5 million to $300 million dollars per issuance and totaling well over $1 billion dollars. As a Principal Consultant, he interacted with dozens of clients and their lawyers, banks, rating agencies, and insurers. Through these experiences he was exposed to nearly every financing structure and operation of the housing finance industry. Mark also acted as a Director of Production Services while at cfX. In that role, he managed a group of analysts responsible for the routine production and distribution of financial reports and performance instructions that supported the daily operations of municipal housing finance clients. He was also responsible for training analysts, designing and documenting work procedures and developing quality control measures. Lastly, he served as a Product Manager in the software development group at cfX. He was successful in bringing two mission critical software applications through design specification, development and into active production in this role. These applications still remain in production and are integral to the cfX business model. Mark started his career in housing finance as an Associate with two industry leading investment banks, EF Hutton and Drexel, Burnham, Lambert. While at EF Hutton, Mr. Kaveny achieved his Series 7 registration.
Mark is a graduate of Villanova University (Cum Laude) and holds a Bachelor of Science degree in Business Administration with a major in Finance and a minor in Accounting.
Areas of expertise: Public Housing Authorities • Strategic Plans and Program Development
Tanya joined CSG Advisors in the beginning of 2015 bringing several years of public sector experience. At CSG, Tanya’s key practice areas include organizational improvements, long- term planning, capacity building, and stakeholder and communication strategies. She is currently advising and making recommendations to public housing authority clients on comprehensive portfolio strategies using RAD and LIHTC that address entire agency portfolios and specific operating concerns. In addition, she is reviewing development budgets that leverage CDBG Disaster Recovery funds with 4% and 9% tax credits to identify project risks and ensure financial feasibility.
Before joining CSG Advisors, Tanya worked for 6 years at the New York City Housing Authority, the nation’s largest public housing authority, having served as its Senior Director of Strategy and Program Development and as NYCHA’s Director of Budget and Financial Planning. During her tenure, she ensured adoption of 6 capital and operating budgets, spearheaded major financial transactions and created sustainable operating processes to ensure their long-term success. Tanya managed portions of NYCHA’s historic “federalization” project – one of the largest tax credit transactions in the country, as well as the agency’s $700 million Capital Fund borrowing. In these capacities, she evaluated the transactions from an overall financial and agency perspective. She also led NYCHA’s Choice Neighborhoods program and built strategic relationships with sister agencies, funders, residents, and other partners as part of the CNI planning grant implementation and CNI implementation grant application process. Prior to her work with NYCHA, Tanya worked for 4 years with the New York City Housing and Preservation Department (NYC HPD), the City’s affordable housing and real estate development agency.
Tanya holds a Bachelor of Arts degree in Environmental Studies from Denison University, and a Master of Public Policy degree from American University.
Senior Financial Analyst
Areas of expertise: Cash Flow Analyses and Quantitative Services
Areas of expertise: Cash Flow Analyses and Quantitative Services
Patrick joined the Atlanta office of CSG Advisors in 2013. Mr. Johnson specializes in finance tools including single family bond structuring, cash flow analysis, and strategic planning. Mr. Johnson also prepares and updates open indenture consolidated cash flow analyses for several HFAs, as well as modeling strategic financial framework and long term resource allocation studies. He has structured new housing issues and refunding issues for several states. He also has prepared rating agency cash flow analyses and IRS yield calculations for numerous other housing clients.
Prior to joining CSG Advisors, Patrick worked with Mercer Investment Consulting. At Mercer, he conducted investment manager searches, asset allocation studies, and other investment-related activities to deliver customized solutions for institutional clients. He also routinely met with and analyzed investment managers, their investment styles and portfolio characteristics.
Patrick holds a Bachelor of Business Administration degree from the Emory University and the Certificate in Investment Performance Measurement Designation (CIPM) from the CFA Institute.
Area of expertise: Public Housing Authorities
Tiffani joined CSG Advisors’ public housing practice in 2015. At CSG Tiffani is providing assistance to PHAs on the Rental Assistance Demonstration Program (RAD) and assisting with Low Income Housing Tax Credit applications, including a number of transactions under RAD across the country. She is providing and maintaining project schedules to ensure timely closing, as well as preparing, and/or reviewing all financing plan required documents for accuracy and consistency. In addition to RAD, Tiffani also assists in preparing Low Income Housing Tax Credit applications for our clients.
Prior to joining CSG, Tiffani worked for nine years at NERA Economic Consulting where she assisted with a variety of projects in the Securities & Finance, Mass Torts & Product Liability, and Labor practices. Tiffani holds a Bachelor of Arts degree in Environmental Studies from Denison University, and a Juris Doctor degree from Touro Law.
Areas of expertise: Public Housing Authorities
Will joined CSG Advisors’ public housing practice in 2015. At CSG, Will advises public housing authorities on operational efficiencies, providing cost comparison studies, and preparing financial projections for the development and operations of affordable housing transactions. Specifically, Will worked on a survey for public housing authorities to analyze and provide recommendations for reduction of operating costs. He has also provided recommendations on reducing central office costs.
Prior to joining CSG, Will worked in economic development, evaluating the effectiveness of anti-poverty programs in northeastern Bangladesh, as well as a graduate consultant for Instituto Banco Palmas to analyze barriers to Internet access, create a benchmarking study, and develop strategic plans to increase Internet connectivity. Will also worked for four years at the New York City Housing Authority, where he was responsible for the financial management of 50,000 units and 20 support service departments and a total annual budget of $700 million, in addition to 15 grants totaling $60 million. In this role, he evaluated the costs and benefits of new policies and developed analytical tools to manage and improve financial forecasting and aid executive decision-making.
Will holds a Bachelor of Arts degree in Political Science from Binghamton University, and a Master of International Affairs from Columbia University with a focus in economic development.