Brown Bag Training: Think Outside the Bond

As new financing sources have arrived and bond volume cap has remained competitive, San Francisco and other jurisdictions have utilized new financing mechanisms. We will discuss the advantages and specific mechanics of using 501(c)3 bonds, recycled private activity bonds and the potential for essential function bonds. These financing tools can be combined with existing subsidy or inclusionary housing programs to enable greater cost savings and affordability.

Ron Lee, Shareholder, Jones Hall

Ron joined Jones Hall in 2010 and has been practicing bond law since 1996. He serves as bond counsel, disclosure counsel, issuer’s and underwriter’s counsel in financings that include: Multifamily housing revenue bonds; 501(c)(3) financings; and General obligation bonds. Ron represents school districts, cities, counties, housing authorities, utility and other special districts, and joint powers authorities throughout California, as well as national and regional investment-banking firms. In his free time, Ron enjoys sports and the outdoors. He also enjoys traveling with his wife, Naomi, and teenage children, Kate and Brooke.

Peter Ross, Principal, Ross Financial

Peter Ross is the principal of Ross Financial, a leading municipal advisor to local housing issuers in California. Working with such housing clients as SF MOHCD, City of San Jose, Housing Authority of the City of Los Angeles and the San Diego Housing Commission, Ross Financial has advised on more than $7 billion of multifamily transactions in his career, including MOHCD’s $2 billion RAD portfolio transactions and HACLA’s MTEB financing of 8 Project Homekey acquisitions. In addition to advising on affordable housing, Ross Financial advises on transportation and general infrastructure transactions, Prior to forming Ross Financial in 1997, Peter practiced bond counsel work with major firms in New York and San Francisco and was a public finance investment banker.

Erwin Tam, Director of Financing, CalHFA

Erwin Tam was appointed Director of Financing at the California Housing Finance Agency (CalHFA) by Governor Gavin Newsom in September 2021. CalHFA is California’s statewide affordable housing lender dedicated to financing mortgage loans and downpayment assistance for first-time homebuyers and multifamily rental developments for low- and moderate-income Californians. 

As the Director of Financing, Erwin is responsible for CalHFA’s financial operations. This includes the controllership, investments and treasury management, capital markets, financial planning and analysis, operating budget, and financial risk management.

Prior to joining CalHFA, Erwin spent 20 years in municipal advisory and investment banking roles, most recently as Senior Vice President at Backstrom McCarley Berry & Co. in San Francisco. He has consulted on and structured over $18 billion of municipal bonds throughout his career across a variety of sectors including K-12/higher education, transportation, municipal utilities, and general government. 

Erwin has a BA from the University of California, Berkeley in Economics and Environmental Science (Biological Science).

William Wilcox, Tax-Exempt Bond Program Manager, MOHCD

William Wilcox joined the San Francisco Mayor’s Office of Housing and Community Development (MOHCD) in 2022 as the bond program manager. He oversees all conduit bond issuance, the development of new housing finance tools, state and federal housing finance policy advocacy, and provides in-house technical expertise across multi-family development at MOHCD. William earned his Master of Public Policy degree from the University of California Berkeley’s Goldman School with a focus on housing policy. He holds an undergraduate degree from the University of Chicago.