Tax-Exempt Bonds and 4% Low-Income Housing Tax Credits

Churchill Stateside Securities (CSS) and our parent company Churchill Stateside G (CSG) partner with developers in advancing affordable housing initiatives. We serve developers who are shaping the future of living spaces for lower-income families and the homeless in the 4% Low Income Housing Tax Credits (LIHTC) marketplace.

The Low-Income Housing Tax Credit program, known as LIHTC, was established under the 1986 Tax Reform Act, within Section 42 of the Internal Revenue Code. This program introduces specific limits on rent amounts and criteria for tenant eligibility, offering non-refundable tax credits in exchange. The 4% credit options, often termed "Bond Deals," are financed through the issuance of Municipal Tax-Exempt Bonds, distinct from federal tax credit allocations.

CSS and CSG have unique integrated mortgage and municipal bond underwriting solutions for affordable housing developers. What sets us apart in the 4% LIHTC marketplace is our synergistic approach, combining the strengths of both CSS and CSG.

Together, we offer:

  • Tax exempt bond underwriting
  • Permanent loans (including FHA and USDA permanent loans)
  • Forward commitments
  • Bridge loans
  • Acquisition loans

According to the National Low Income Housing Coalition’s Rental Housing Programs Database (RHPD) 2023 Report, the U.S. currently has a deficit of 7.3 million affordable and available rental homes for extremely low-income renters, the majority of whom must spend more than half of their incomes on rent to remain housed. 


CSS is committed to fostering development where it matters most.

How We Work:
Application for Tax Credits and Bond Cap:
Developers begin by applying for their 4% LIHTC credits and Bond Cap award from the states where their projects are located. We serve affordable housing developers from all corners of the nation, delivering services that resonate with your local needs while harnessing national insights. 

Collaborative Planning:
At Churchill Stateside Securities, we prioritize our clients’ strategic goals, offering an array of top-tier investment banking services. This synergistic approach ensures a deep understanding of your project's financing needs. We work alongside new and experienced developers to ensure that the financial aspects of your projects are managed with precision, from start to finish.
Strategic Execution:
Our expertise in the housing sector, combined with our broad institutional distribution networks, ensures that we provide tailored, effective solutions to meet developers’ specific needs.
Leveraging our sector expertise and robust distribution channels, we strategically price, market, and place bonds to drive the success of your affordable housing project.
Our Expertise
●    Focused Expertise in Affordable Housing Finance
●    Streamlined Process with Integrated CSG Support
●    National Reach with Local Impact
●    Competitive Pricing and Strategic Bond Placement
●    Actively underwriting and lending in all market conditions

Guy Spieler

President Churchill Stateside Securities

Mr. Spieler is President with over 30 years of municipal bond experience. He will be responsible for underwriting of bonds created through 4% LIHTC projects for Churchill Stateside Securities institutional accounts and for expanding the bond underwriting/trading platform as additional opportunities are presented. At his most recent firm in Chicago, Guy opened an office and started a municipal bond underwriting group that participated in over 400 municipal bond transactions. These municipal bond deals totaled over $5.6 billion in par amount in the most recently completed calendar year. In addition to his underwriting role, Mr. Spieler was also a secondary trader in the municipal bond market working with five institutional salespeople as well as 30 generalists. Previous major firms where Mr. Spieler worked include Lehman Brothers, Banc One and Incapital LLC. Mr. Spieler graduated from the State University of New York at Buffalo and holds B.S. in Business Administration. He currently holds Series 7, 24, 50, 53, 54 and 63 licenses.

Contact Phone: (312) 788 - 2623

Guy Spieler DSC_2491-Edit

Underwriter’s Counsel

Norris George & Ostrow PLLC’s attorneys have over 200 years’ experience at the forefront of innovative financial municipal bond structuring.  Founding partners Wade Norris and Ethan Ostrow have been instrumental in developing the short-term cash-backed bond structure, a pivotal tool in satisfying the 50% test for financings involving taxable FHA, Rural Development, and other loans and, together with their partner Cat Woltering, in assisting Churchill Stateside in developing and closing financings under its PTEL private placement tax exempt loan program. Their expertise and commitment are further demonstrated by their role as underwriter’s or private placement lender’s counsel in over 150 financings in 35 to 40 states each year, showcasing their unparalleled proficiency and dedication in this field.

Churchill Stateside Securities, LLC (“CSS”) is a registered broker-dealer and member of FINRA/SIPC. Securities and underwriting activities are conducted through “CSS”. All other services discussed on this page are conducted by Churchill Stateside Group (CSG), which is the parent company of CSS.

Investing involves risks, including the risk of loss. Past performance is not a guarantee of future results.

Check the background of Churchill Stateside Securities, LLC and your investment professional on FINRA’s BrokerCheck.