Adam Cray

Vice President, San Francisco

Adam Cray

Vice President, San Francisco

Municipal Advisor-Series 50 Qualification

Practice Group:

Single Family, Multifamily

Areas of Expertise:

  • Affordable Housing Finance
  • Public Finance
  • Public Housing Authorities
  • Strategic Plans and Program Development
  • Tax Credits
  • Bond Program Support

Adam Cray is a senior public finance and affordable housing professional with broad experience as an advisor, banker, bond issuer, and credit analyst for a variety of public-benefit projects and programs. At CSG, Adam helps public agencies and nonprofits across the country design programs and execute transactions to finance affordable housing.

Adam joined CSG from Bank of America where he was a vice president in the Community Development Banking group. Working in both underwriting and relationship management roles, Adam prospected, structured, underwrote, and closed loans and tax-credit equity investments for affordable multifamily housing.

Before joining BofA, Adam built and managed the Multifamily Securities Program for the San Francisco Mayor’s Office of Housing and Community Development. He oversaw issuance of $2.8 billion in revenue bonds for more than 5,000 affordable housing units (including the RAD portfolio), created San Francisco’s multifamily bond manual, and designed a successful $260 million general obligation-backed preservation loan program.

Adam began his public finance career in the U.S. Public Finance Department at Standard & Poor’s where he assessed the credit quality of state and local housing finance agencies, public housing authorities, parity bond indentures, and more than 100 affordable housing and structured-finance transactions.

Over the years, Adam has also worked as a consultant and researcher for the Berkeley Program on Housing and Urban Policy, California Homebuilding Foundation, Center for Resource Efficient Communities, Fisher Center for Real Estate and Urban Economics, and HUD.

As a member of the Legislative Committee, and former member of the Board of Directors, for the National Association of Local Housing Finance Agencies (NALHFA), Adam has assisted in development of several policy initiatives and served as a subject-matter expert before federal agencies, on Capitol Hill, and at the White House. He is also on the Board of Directors for the Bayview Hunters Point Foundation, a human service nonprofit in San Francisco.

A policy analyst and lawyer by training, Adam holds a master’s degree in public policy from UC Berkeley and a JD degree from Emory University. Adam received undergraduate degrees from Florida State University where he was a member of Phi Beta Kappa and the Honors Program.


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