What CSG Advisors does

CSG Advisors is a registered municipal advisory firm headquartered in San Francisco with additional offices in Atlanta, Los Angeles, and New York, providing specialized financial advisory services to public agencies across all 50 U.S. states. The firm was established in 1999, though its predecessor entities (Gressel Gressel Slater, Caine Gressel Midgley Slater, and CGMS Incorporated) have advised on housing finance since 1978. CSG serves State Housing Finance Agencies, Public Housing Authorities, municipal bond issuers, universities, and non-profit organizations, with primary focus on affordable housing development, public housing redevelopment (including RAD and Faircloth to RAD conversions), bond structuring, volume cap management, and strategic long-term financial planning.

The firm's core service offering encompasses eight advisory lines: Affordable Housing Advisory, Strategic & Long-Term Planning, Cash Flow Analysis & Quantitative Services, Infrastructure & Land Development Advisory, Public Finance Advisory, Real Estate Transactions Advisory, Operations & Financial Management, and University & Non-Profit Advisory. The underlying technology is expert-driven municipal finance advisory rather than a software platform, with proprietary frameworks for bond cash flow modeling, yield spread analysis, and RAD conversion execution. CSG is registered with the SEC and MSRB, holds WBE (Women Business Enterprise) certification, and is recognized by Thompson Reuters as the #1 municipal advisor in housing bonds over the past 20 years.

CSG generates revenue through three municipal advisory fee structures: contingent fees tied to transaction closing, hourly fees based on personnel billing rates, and fixed fees established at engagement outset based on scope and complexity. The firm is entirely employee-owned with 11 owners (33% minority-owned, 51% women-owned through co-CEOs Nicole Graham and Tanya Dempsey, effective January 2023). Since 2016, CSG has structured over 900 financings totaling more than $37 billion, and since 1978 has helped finance housing for more than 1,000,000 families. Customer acquisition is direct enterprise field sales targeting public agency decision-makers, supported by thought leadership through the EmpowHER Podcast, industry conference participation (notably NALHFA), and published case studies.

Name

CSG Advisors

Legal name

CSG Advisors Incorporated

Website

https://csgadvisors.com

Company type

Private

Founded year

1999

Operating status

Operating

Headcount range

11–50 employees

Short description

CSG Advisors is an SEC/MSRB-registered, employee-owned municipal advisory firm serving U.S. public agencies with specialized affordable housing finance, bond structuring, and public housing redevelopment advisory services across all 50 states.

Ownership category

akta.pro rank

Product category

Municipal Advisory Services

NAICS

Management Consulting Services (54161)

SIC

Services-Management Consulting Services (8742), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL)

akta.pro secondary industries

Corporate Finance & Capital Advisory (BPAHADAB), National Housing Finance Agencies & Ministries (FSALAKAB)

Keywords

• Municipal advisory services
• Affordable housing finance
• Public finance consulting
• Bond structuring advisory
• Housing finance agency services

Headquarters

HQ city

Atlanta

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Municipal Advisory Fees: CSG generates revenue through municipal advisory fees which can be structured as: (1) Contingent/traversal compensation tied to successful closing of transactions, (2) Hourly fees based on personnel billing rates, or (3) Fixed amounts established at the outset of agreements based on expected duration and complexity.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

CSG Advisors is a registered municipal advisory firm that provides specialized consulting and financial advisory services to public agencies—primarily state Housing Finance Agencies (HFAs), Public Housing Authorities (PHAs), universities, and non-profits—on affordable housing programs, bond issuance and structuring, public-private development financing, infrastructure projects, RAD conversions, and long-term strategic planning. The firm delivers these services through contingent, hourly, or fixed-fee engagements under SEC and MSRB regulatory oversight.

Product overview

CSG Advisors is a registered municipal advisory firm offering a unified suite of advisory services focused on public finance and affordable housing. The core offering consists of advisory services including Affordable Housing Advisory, Strategic & Long-Term Planning, Cash Flow Analysis & Quantitative Services, Infrastructure & Land Development Advisory, Public Finance Advisory, Real Estate Transactions Advisory, Operations & Financial Management, and University & Non-Profit Advisory. Specialized consulting services include RAD Consulting, Volume Cap Management Strategies, and Yield Spread Analysis. Additionally, the firm produces the EmpowHER Podcast as a content platform. All services are delivered by a specialized consulting team registered with the SEC and MSRB, focusing on helping public agencies leverage financing for affordable housing and community development.

Differentiator

Problem solved

Functional benefit

Products and services

• Affordable Housing Advisory Municipal advisory services for financing affordable housing programs including mortgage revenue bonds for home improvement, shared appreciation mortgages, homeownership assistance for public employees, and structuring bonds for single-family and multifamily housing. Delivered to state Housing Finance Agencies, Public Housing Authorities, and government entities.
• Strategic & Long-Term Planning Consulting services providing systematic frameworks for managing risks, devoting resources, and increasing sustainability for public agencies. Designed for HFAs, PHAs, and other government clients.
• Cash Flow Analysis & Quantitative Services Financial projections, bond redemption strategies, risk assessment of bond risks, yield vs. cumulative impact evaluations, and consolidated cash flows prepared for single-family and multifamily indentures and all major rating agencies.
• Infrastructure & Land Development Advisory Advisory assistance for public agencies on redevelopment projects, infrastructure developments, and investing funds in public-private development projects.
• Public Finance Advisory Design of utility and special revenue financing, capital lease financing, and general obligation bonds for government entities.
• Real Estate Transactions Advisory Financing structure analysis for optimal agency benefits, development advising, and capacity building for public clients across real estate transactions.
• Operations & Financial Management Advisory Advisory services helping public clients navigate decisions regarding organizational operations and financial management.
• University & Non-Profit Advisory Financing project assistance and ongoing financing program creation for universities and major non-profit corporations.
• RAD (Rental Assistance Demonstration) Consulting RAD Consultant services for Public Housing Authorities, including Faircloth to RAD conversions and mixed-finance program execution. Supports PHA preservation transactions and public housing redevelopment.

Quantifiable outcome

• Since 1978, helped finance housing for more than 1,000,000 families
• +3 more outcomes

Named customers8 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Nine partnerships are on record, tiered core and minor.

• Leon N. Weiner and Associates (LNWA)coreStrategic or Co-development Partner · 28 June 2023Developer partner for Dover Housing Authority's Faircloth to RAD conversion of Owens Queens Manor. This was the first preservation transaction utilizing the Faircloth to RAD conversion process, involving 110-unit rehabilitation.
• California ForwardcoreStrategic or Co-development Partner · 1 January 2022Collaborated with California Forward, HR&A Advisors, and California Community Builders to design the California Dream for All revolving investment fund with the California Treasurer's Office and Legislature. This $1 billion per year fund assists first-time and first-generation homebuyers.
• HR&A AdvisorscoreStrategic or Co-development Partner · 1 January 2022Partnered with HR&A Advisors in designing the California Dream for All program for California homebuyers.
• California Community BuilderscoreStrategic or Co-development Partner · 1 January 2022Collaborated on the California Dream for All program design to assist California homebuyers.
• Dover Housing AuthoritycoreStrategic or Co-development PartnerCSG served as RAD Consultant to Dover Housing Authority in the first Faircloth to RAD conversion in history, transforming Owens Queens Manor with 110 units.
• Deputy Mayor's Office for Planning and Economic Development (DMPED)coreStrategic or Co-development PartnerCSG provided project management, development consulting, and liaised between the Deputy Mayor's Office and development team for Providence Place and The Strand Residences in Washington D.C.
• Virgin Islands Housing Authority (VIHA)coreStrategic or Co-development PartnerCSG served as municipal advisor for the $121.6 million D. Hamilton Jackson Terrace project - the first project in the Virgin Islands to combine 4% and 9% tax credits with tax-exempt bond financing.
• Bank of AmericaminorOthersAdam Cray joined CSG Advisors from Bank of America where he was a VP in Community Development Banking. Previously prospected, structured, underwrote, and closed loans and tax-credit equity investments for affordable multifamily housing.
• National Association of Local Housing Finance Agencies (NALHFA)coreOthersCSG advisors are active members including Adam Cray who served on the Legislative Committee and Board of Directors. VP Patrick Johnson led Volume Cap Discussion at 2024 NALHFA conference.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Stifel Financial: Diversified brokerage and investment bank with a public finance group that advises municipal issuers on debt structuring and capital planning. While broader in scope, Stifel's public finance practice competes with CSG for housing bond advisory engagements.
• RBC Capital Markets: Global investment bank with a municipal finance group serving state, local, and housing finance agency clients on bond issuance and related advisory mandates. Larger incumbent that competes with CSG on capital markets execution and advisory for public-sector issuers.
• Piper Sandler: Diversified investment bank with a public finance division that underwrites and advises on municipal bond issuances for state and local governments, including affordable housing issuers. Competes with CSG on bond advisory mandates as part of a much broader capital markets franchise.
• Hilltop Securities: Full-service broker-dealer and investment bank with a substantial public finance / municipal advisory division serving states, cities, school districts, and housing authorities. Larger, broader competitor with overlapping public-finance advisory capabilities.

Direct peers

• Ehlers: Municipal advisory and consulting firm working with state and local governments on bond issuance, capital planning, and special district financing. Competes with CSG for similar public-sector clients, particularly in the Midwest.
• George K. Baum & Company: Independent investment bank specializing in municipal securities, public finance, and housing finance. Advises state and local housing authorities on bond issuance and related public finance mandates — directly overlapping with CSG's core practice.
• PFM Group: The largest independent municipal advisory firm in the U.S., providing financial advisory, consulting, and investment banking services to state and local governments, including housing finance agencies. PFM is the most direct competitor to CSG across municipal bond issuance and housing advisory engagements.
• Springsted Incorporated: Independent municipal advisory firm serving cities, counties, state agencies, and authorities across the Midwest and nationally. Engages in bond structuring, financial planning, and capital improvement programming — closely aligned with CSG's public-finance advisory offerings.
• KNN Public Finance: Boutique municipal advisory firm focused on housing finance agencies, public agencies, and not-for-profit issuers. KNN's deep specialization in single-family and multifamily housing bonds makes it one of the closest direct comparables to CSG.
• Acacia Financial Group: Municipal advisory firm providing financial advisory services to state and local governments, including housing finance agencies, on bond issuances, derivatives, and capital planning. Closely comparable mid-sized municipal advisor competing for similar agency clients.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/csgadvisors

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CSG Advisors