“We help build communities by being implementation-oriented, working backwords from the end-goal, incorporating incentives we know will work and implementing new strategies that optimize our clients’ financial position.”

Specialized Expertise

affordable housing finance

Highlights:
• #1 Financial advisor each year since 1999 per Securities Data
• Represented 23 state housing finance agencies
• Helped initiate design of Treasury’s $15 billion New Issue Bond Program
• First single-family and multi-family pass-through bond issues

Single-Family Housing

CSG Advisors has structured more than 500 bond issues and we design a wide range of innovative downpayment assistance and second mortgage programs, many of which have become national models. We have created residential rehabilitation programs for purchase and rehabilitation of existing homes and home improvement loans. We have also designed homeownership development efforts for major public and private sites and re-use of military bases.

Multifamily Housing

CSG Advisors has structured more than 600 multifamily and 501(c)(3) bond issues for new construction, acquisition rehabilitation, and refinancing, including special needs housing for the elderly and other populations. We work with more than 80 credit enhancers and the widest possible range of financing structures. We design low-cost standardized placement programs to allow smaller projects to access tax-exempt financing and assisting preserving federally assisted housing, including Section 8, Section 236, and public housing and also helped the first state housing finance agency purchase of a portfolio of HUD loans for subsidized project.

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 program like mortgage revenue bonds for home improvement, shared appreciation mortgages, and homeownership assistance for public employees. For 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.

Clients We Have Served: State-Colorado HFA; Delaware HA; District of Columbia HA; Hawaii HFDC; Illinois HAD; Iowa FA; MassHousing; Michigan SHDA; Minnesota HFA; Missouri HDC; New Mexico MFA; New York State HFA; Oklahoma HFA; Pennsylvania HFA; South Carolina HFDA; State of New York Mortgage Agency; Tennessee HAD; Washington State HFC Local-Cities of Anaheim (CA); Hayward (CA); Ontario (CA; San Francisco (CA;, San Jose (CA); Santa Ana (CA;, Escambia County HFA (FL); Orange County HFA (FL)

Public Housing Authorities

Highlights:
• Represent 15 of the nation’s 38 Moving-to-Work Public Housing Agencies
• Federalization and renovation of 21,000 units for NYC Housing Authority
• Leveraged $2 billion of debt and tax credit equity for 40 housing authorities

Affordable Housing Development

CSG Advisors has structured more than 500 bond issues and we design a wide range of innovative downpayment assistance and second mortgage programs, many of which have become national models. We have created residential rehabilitation programs for purchase and rehabilitation of existing homes and home improvement loans. We have also designed homeownership development efforts for major public and private sites and re-use of military bases.

Strategic Planning and Portfolio Review

CSG Advisors has structured more than 600 multifamily and 501(c)(3) bond issues for new construction, acquisition rehabilitation, and refinancing, including special needs housing for the elderly and other populations. We work with more than 80 credit enhancers and the widest possible range of financing structures. We design low-cost standardized placement programs to allow smaller projects to access tax-exempt financing and assisting preserving federally assisted housing, including Section 8, Section 236, and public housing and also helped the first state housing finance agency purchase of a portfolio of HUD loans for subsidized project.

Public Housing Redevelopment

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 program like mortgage revenue bonds for home improvement, shared appreciation mortgages, and homeownership assistance for public employees. For 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 Rental Assistance Demonstration (RAD) Program

CSG has performed feasibility analyses for over a dozen PHAs and 700+ potential RAD projects, evaluating the costs and benefits of converting public housing units under the RAD program, and preparing applications for selected projects. We have submitted nearly 40 RAD applications on behalf of our clients and have presented at multiple conferences on creative implementation strategies for the RAD program. More recently we have worked with HUD and client authorities to craft comprehensive approaches to address entire portfolios using a combination of RAD and non-RAD components.

Clients We Have Served: Alaska HFC (AK); Bremerton HA (WA); Charlotte HA (SC); Dallas HA (TX); Fresno City and County HA (CA); Houston HA (TX); Indianapolis HA (IN); HA of King County (WA); HA of City of Los Angeles (CA;, HA of Washington County (OR); Los Angeles County HA(CA); Monterey County HA (CA); HA of New Orleans (LA); New York City HA (NY); Oakland HA (CA); Orlando HA (FL); Peninsula HA (WA); Phoenix HD (AZ); Portland HA (OR); Puerto Rico HA; Richmond HA (CA); Richmond HRA (VA); Sacramento HA (CA); San Antonia HA (TX); San Francisco HA (CA); Santa Clara HA (CA;, Seattle HA (WA); Tacoma HA (WA); Tampa HA (FL); Virgin Islands HA; Wilmington HA (NC)

tax credits

Highlights:
• Structured the 3 largest low income housing tax credit transactions including up to $230 million

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. Additionally, we are helping our clients prepare for investor exit through: analysis of partnership documents, financial modeling of anticipated purchase price; developing recommendations for reducing the purchase price, if relevant; and developing a negotiating strategy. We also assist major non-profit developers and financial institutions in restructuring portfolios of tax credit projects.

Clients We Have Served: New York City Housing Authority ($220 million); Puerto Rico Public Housing Administration ($210 million); San Francisco Housing Authority ($100 million); Seattle Housing Authority; Housing Authority of County of Santa Clara; Home Forward-Portland; King County Housing Authority

Strategic Plans and Program Development

Highlights:
• Long-term risk-based capital studies for many of the largest state housing finance agencies and housing authorities
• major programs, development initiatives and strategies.

Comprehensive Financial Sustainability Strategies

for agencies dealing with major changes in their opportunities, challenges and risks. We help create financial frameworks for boards and staff to see how decisions affect each other and to build long-term financial flexibility.

Examples: Seattle Housing Authority, MassHousing, Minnesota Housing, SONYMA, Missouri HDC, Colorado HFA.

Asset Management Strategies

for public agencies and non-profit development corporations for achieving better returns – and avoiding losses – on portfolios of loans, investments, buildings and land.

Examples: University of California, Sacramento Housing & Redevelopment Authority, City of Los Angeles Housing & Community Investment Department, Resolution Trust Corporation on billions of dollars of assets.

Institutional Change Strategies

as an organization seeks to redirect its efforts in a new environment. This has included housing authorities wanting to become less dependent on HUD programs, redevelopment agencies dealing with major economic changes, housing finance agencies working with new public and private partners and trying to better project and utilize their reserves.

Examples: San Diego Housing Commission, Housing Authority of County of Santa Clara, Washington State Housing Finance Commission, Port of San Francisco.

Public-Private Development Strategies

as cities seek to develop underutilized areas, revitalize neighborhoods, undertake major projects. We help clients define clear criteria for success, define appropriate roles for each party, and create long-term frameworks that limit their risk while achieving their vision.

Examples: District of Columbia’s Anacostia Waterfront Initiative, Ontario’s annexation of 8,000 acres, Phoenix’s south central neighborhood near downtown, San Francisco’s Mission Bay, major sites in Denver.

Challenges and Workouts

as organizations address past commitments, problems they have inherited, changes in economic and market environments, recovery from natural disasters.

Examples: City of Los Angeles’ rebuilding after Northridge Earthquake, NYS Office of Storm Recovery after Superstorm Sandy, Housing Authority of New Orleans after Katrina, housing finance agencies after the financial crisis, Resolution Trust Corporation, more than 500 project work-outs, distressed land districts and sites.

Strategies for Obtaining Major New Resources

for organizations developing and expanding housing trust funds, new federal, state or local monies, new private and foundation investments.

Examples: Seattle’s first housing levy, D.C. Housing Production Trust Fund, San Francisco G.O. bonds for affordable housing, LISC’s first program-related investment fund, Low Income Investment Fund, Neighborhood Housing Services of America, BRIDGE Housing’s first bond rating, NYC Housing Authority for $75 million per year of additional Federal funding, initiating discussions with U.S. Treasury for $15 billion New Issue Bond Program.

Cash Flow Analyses and Quantitative Services

Highlights:
• Structured more than $50 billion of transactions on some of the largest and most complex parity bond indentures in the country


“Quantitative services often aren’t provided in a way to help agencies manage their financial futures or determine sustainability. The problem isn’t generally with the tools – but what questions are being answered.

Structuring Transactions

We structure bond transactions for homeownership programs and housing development, including single and multifamily qualified housing bonds, tax increment financing for infrastructure, and other real estate securitization and debt structures. Our clients use complex debt structures incorporating premium, PAC, stepped coupon, CABs, and variable rate bonds, swapped or unhedged, to name a few.

We see each transaction within the context of our clients’ overall goals and financing criteria as opposed to an isolated transaction.

Indenture Management

To assist our clients in the ongoing management of their indentures, we are regularly asked to prepare:

  • Projections of the long-term ability of an indenture to cover administrative expenses and/or to generate cash flow to support or subsidize other programs
  • Financial ability to issue bonds that rely on the strength of the indenture
  • Bond redemption strategies
  • Assessments of the ability of an indenture to withstand deterioration in the quality of pledged assets due to increased mortgage losses, bank bond risks, mortgage insurer failure, investment agreement default, etc.
  • Universal Cap and yield maintenance computations
  • Evaluations of the yield vs. liquidity consequences of alternate investment strategies
Consolidated Cash Flows

We prepare consolidated cash flows for many single family and multifamily indentures and all major rating agencies. CSG is widely recognized by the rating agencies for its accurate and comprehensive cash flow stress analyses.

CSG has provided quantitative services to state housing agencies with some of the largest and most complex parity indentures in the country. Indenture types include multi-tranche indentures, fixed rate debt (natural and synthetic) and variable rate bonds.

Knowledge of Housing Finance Agencies and Programs

Our work on consolidated cash flow services is informed by our extensive experience with all aspects of the needs of housing agencies. CSG has:

  • Projections of the long-term ability of an indenture to cover administrative expenses and/or to generate cash flow to support or subsidize other programs
  • Structured more than 1,700 single-family issues and 1,300 multi-family issues
  • Designed in-depth risk-adjusted capital studies and financing frameworks for many clients, enabling us to identify the cumulative risks and opportunities embedded in major indentures
  • Since 2009, despite rate compression due to the financial crisis, completed over $15 billion of housing financings

Clients We Have Served: CalHFA; Colorado HFA; Florida HFC; Hawaii HFDC; Illinois HDA; Iowa FA; Louisiana HFA; MassHousing; Michigan SHDA; Minnesota HFA; Missouri HDC; New Mexico MFA; Oklahoma HFA; South Carolina SHFDA; State of New York Mortgage Agency; Tennessee HDA, Virginia HDA

Public Finance

Highlights:
• 100 public agency clients including 14 of 25 largest cities and counties
• 2 National Bond Buyer Deal of the Year Awards

Utility & Special Revenue Financing

CSG assists a variety of public agencies, including special districts, structuring revenue bonds secured solely by a dedicated revenue source. These include utilities (water, sewer, and electric), parking, sales taxes, special event taxes, or other reliable revenue generating operations.

Capital Lease Financing

CSG has developed a wide array of financing approaches for many types of public agency clients. These include utility & special revenue financings (including parking revenues and land-secured special tax revenues) that require credit support, bridge financing, conduit financing for non-profit developers; as well as traditional lease structures secured by general fund revenues for capital improvements.

General Obligation Bonds

CSG Advisors has developed strategic approaches for single issue or multi-year issuances of general obligation bonds (“G.O. bonds”). G.O. Bonds issued by local governments are typically secured within the issuer’s ad valorem property tax to meet the debt service requirements of an authorized bond. CSG has worked with cities, special districts, and school districts to develop and implement G.O. financing programs for affordable housing, schools, parks & open space, and public improvements.

City of Anaheim (CA); City of Corona (CA); District of Columbia; Coty of Fontana (CA); City of Oceanside (CA); City of Ontario (CA); City of San Francisco (CA)

Infrastructure and land development

Highlights:
• For Mission Bay in San Francisco; 10th campus of University of California
• 8,000 acre annexation area for Ontario, California

Real Estate Services and Development Financing

CSG assists public agencies on tax allocation financings for redevelopment projects; land district financings for major infrastructure developments; structuring key terms for acquiring, selling or leasing major sites; investing funds in public-private development projects so as to maximize both the programmatic objectives and return of capital; and negotiating financing and development agreements with private landowners and developers.

Clients We Have Served: City of Corona (CA); City of Denver (CO); District of Columbia; City of Fontana (CA); City of Hayward (CA); City of Ione (CA); City of Los Angeles (CA); City of Ontario (CA); Orange Co (CA); City of Phoenix (AZ); Romoland and Perris School Districts; City of San Francisco (CA)

public-private partnerships and developer negotiations

Highlights:
• Anaheim’s negotiations with Disney for $1.5 billion of investments
• San Francisco’s Mission Bay; D.C.’s Anacostia Waterfront Initiative
• Denver’s Stapleton Airport

Developer Negotiations

We have worked exclusively on behalf of public agencies to negotiate development and partnership agreement with many of the largest and most sophisticated developers, ranging from Catellus to The Walt Disney Company.

Real Estate Services and Development Financing

CSG assists public agencies on tax allocation financings for redevelopment projects; land district financings for major infrastructure developments; structuring key terms for acquiring, selling or leasing major sites; investing funds in public-private development projects so as to maximize both the programmatic objectives and return of capital; and negotiating financing and development agreements with private landowners and developers.

Clients We Have Served: City of Anaheim (CA);City of Denver (CO); District of Columbia; Fairfax County (VA); Kansas City (MO); City of Phoenix (AZ); Port of San Francisco (CA); City of San Francisco (CA),City of San Jose (CA); City of San Diego (CA); Seattle Housing Authority; University of California, Merced; Cal State Channel Islands

Non-Profits, Universities, and Schools

Highlights:
• $3 billion of development financing


We have helped universities and major non-profit corporations finance projects and create ongoing financing programs for more than 15 years. As examples of this work, we helped:

  • finance the $110 million headquarters for the Gladstone Research Institute, a leader in biological / medical research
  • establish the University of California’s system-wide guidelines for third party development on its campuses
  • structure and finance privatized student housing for a wide range of public and private universities, colleges and community colleges
  • design, and then successfully recapitalize over $600 million for loans to faculty members to purchase homes in high-cost areas
  • BRIDGE Housing become one of the first non-profit housing corporations to receive an A+ rating from Standard & Poor’s
  • finance a wide range of non-profit elderly housing and continuing care retirement centers
  • Neighborhood Housing Services of America securitize its loan portfolio from NHS chapters throughout the country and obtain investments from the 5 largest U.S. insurers

Clients We Have Served: University of California, Office of the President; UC Merced; UC San Francisco; California State University, Office of the Chancellor; BRIDGE Housing; Gladstone Institute; projects of Green River Community College; Gonzaga University; University of the Pacific; Edmund Community College; Cal State Channel Island; University of West Florida