We are an…

innovative

we are at the forefront of developments in the housing finance industry and employ creative financing solutions for changing market conditions

experienced

we have served HFAs for over 48 years and are consistently ranked first or second nationwide as financial advisors to HFAs

technology driven

we employ powerful analytical tools to handle the intricacies of housing finance

municipal advisor

the firm is registered as a municipal advisor with both the Municipal Securities Rulemaking Board and the Securities and Exchange Commission

History

 

Caine Mitter and its predecessors have been advising on affordable housing finance since 1978, when Thomas Caine left Paine Webber to found Caine & Midgley Incorporated—the first independent financial advisor to offer the full range of services traditionally provided by investment banking firms (excluding underwriting and securities sales) and the first to focus exclusively on a single sector of public finance.

At Paine Webber, Mr. Caine rose through the Municipal Bond Department, beginning as a clerk on the trading desk before becoming a trader in both the primary and secondary markets. He joined the Public Finance Department at its inception in 1971, during the formative years for housing finance, and was instrumental in the creation of nearly half of all state housing finance agencies. He designed the financing structure that became the model for housing finance agencies and the precursor for what became known as asset-backed structured finance. Under his leadership as head of the Public Finance Department, Paine Webber ranked first in housing finance and among the top five firms in all of public finance.

Caine Mitter and its highly skilled staff of municipal advisors have continued this leadership, working with HFAs to create new structures for bond issues and innovative mortgage products that have often become standard in the industry. As a result of intricate structuring and complex federal tax requirements, housing finance has continued to be the most complicated area of public finance, while resulting in bond issues that have been highly rated and had broad market acceptance. Through every market cycle and financial crisis, Caine Mitter has been there to assist housing finance agencies in navigating and capitalizing on prevailing market forces in service of their mission to provide affordable housing.

 

Highlights

 

#1

Ranked #1 financial advisor the past 4 out of 5 years according to LSEG

$130bn

Advised on over $130 billion in municipal bond financings

1978

Continuous financial advisory service to HFAs for 47 years

 

31

HFA clients located in 25 States and the District of Columbia

$29bn

Acted as bidding agent on over $29 billion TBA and specified pool sales since 2012

99%

Over 99% of the firm’s activities relate to affordable housing finance

 

300yrs

Twenty-two full-time professionals, including 19 municipal advisors, with over 300 years of combined relevant experience

$5.9bn

Acted as swap advisor on over $5.9 billion HFA interest rate swap transactions

HFAs

Specialize in affordable housing finance, the most complicated form of municipal finance

Team

Thomas Caine
Municipal Advisor

Thomas Caine is the Chair and Founder of Caine Mitter. Mr. Caine has over 55 years of experience in the municipal bond industry and housing-related public finance, and has structured the initial bond issues for over 13 State HFAs. During his career, he has provided services to over 35 HFAs and advised on over $130 billion in bond issues. Prior to founding Caine Mitter’s predecessor firm, Mr. Caine worked at Paine Webber for 10 years, including three years as head of public finance. He has a long history of technological and analytical innovation in housing finance. Mr. Caine graduated from Duke University with a B.A. in Economics and attended the Wharton Graduate Division of the University of Pennsylvania.

Ansel Caine
Municipal Advisor

Ansel Caine is the President of Caine Mitter. Mr. Caine has 20 years of public finance experience, including 18 years of advising HFAs. He is active in all the firm’s single and multifamily housing finance activities and has provided advisory services to over 30 HFAs. Mr. Caine is an expert in the mortgage revenue bond, TBA, and derivative markets. He has worked on over $75 billion in municipal bond issues and over $6 billion in municipal derivatives transactions. Prior to joining Caine Mitter, Mr. Caine worked at UBS Investment Bank on the municipal derivatives desk and with the public finance quantitative group. He graduated from Duke University with a B.A. in Environmental Science and Policy.

Bronson Martin
Municipal Advisor

Bronson Martin has 22 years of experience advising HFAs, specializing in quantitative services. Mr. Martin is an expert in structuring single family bond issues and provides in-depth strategic planning and capital adequacy analysis. He performs indenture management, resource optimization, and universal cap compliance for several clients that cross call among bond issues. Mr. Martin graduated Cum Laude from Cornell University with a B.S. in Applied Economics and Management.

Victor Chiang
Municipal Advisor

Victor Chiang has 21 years of experience advising HFAs. Mr. Chiang provides a wide range of financial advisory services, including quantitative, investment, and liquidity consulting. He specializes in the best execution of new money and refunding bond structures, variable rate financing products, complex consolidated cash flow projections, and rating agency consultation. Mr. Chiang graduated from Duke University with an A.B. in Economics and a B.A. in Public Policy Studies.

Patricia Ho
Municipal Advisor

Patricia Ho has 15 years of experience advising HFAs. Ms. Ho is an expert in all aspects of single family financing for HFAs, ranging from the management of TBA programs, the structuring of mortgage-backed securities, and the execution of their sale in the secondary market to structuring mortgage revenue bonds. She graduated from The Wharton School at the University of Pennsylvania with a B.S. in Economics, concentrating in Finance and Operations and Information Management.

Samuel Rees
Municipal Advisor

Sam Rees joined Caine Mitter in 2021 and has 22 years of experience in fixed income capital markets, including 15 years at the Boston-based hedge fund Bracebridge Capital. Mr. Rees supervises the firm’s pricing and swap advisory services, oversees the firm’s data management activities, and conducts weekly market, structuring, and best execution analyses. He has a B.A. in Mathematical Economics from Colorado College and an M.S. in Investment Management from Boston University. Mr. Rees received his CFA Charter in 2013.

Jennifer Shing
Municipal Advisor

Jennifer Shing has 12 years of experience advising HFAs. Ms. Shing performs consolidated cash flows analysis for multiple clients and provides a wide range of indenture management services, including bond redemption, arbitrage rebate, tax law yield, and universal cap analysis. She graduated from Duke University with a B.S. in Economics, a concentration in Finance, and a Markets and Management Certificate. Ms. Shing received her CFA Charter in 2024.

Mike Griffin
Municipal Advisor

Mike Griffin has over 20 years of public sector experience and provides a wide range of advisory and quantitative services for Caine Mitter. Mr. Griffin manages both single family and multifamily transactions for clients and directs the firm’s procurement and management of liquidity facilities. He also serves as the firm’s Chief Compliance Officer. Prior to Caine Mitter, Mr. Griffin served as Chief of Staff and Senior Advisor at the National Endowment for the Arts. He graduated Magna Cum Laude from Georgetown University with a B.A. in Government and English.

Henry Capants
Municipal Advisor

Henry Capants has seven years of relevant capital market experience. Mr. Capants manages the daily operations for all clients who utilize the firm’s TBA program. He also advises on the single family bond programs of multiple HFAs, specializing in the structuring of mortgage revenue bonds and cash flow projections. Prior to Caine Mitter, Mr. Capants worked for a private equity firm. He graduated from the University of Miami with a BBA in Finance and a minor in Economics.

Jack Ballou
Municipal Advisor

Jack Ballou has four years of experience advising HFAs. Mr. Ballou provides a range of financial advisory and quantitative services for both single family and multifamily housing. He specializes in the best execution strategy for structuring new money and refunding bond issues, bond program development and management, consolidated cash flow projections, capital adequacy studies, and rating agency consultation. Mr. Ballou graduated from Swarthmore College with a B.A. in Economics and a minor in Mathematics.

Connor Burke
Municipal Advisor

Connor Burke has five years of experience in the financial sector. Mr. Burke provides support related to swaps and derivatives analysis, bond issuance pricing, and data management. Prior to Caine Mitter, he worked at Bank of America in various departments, including fintech, commercial credit risk trading, and balance sheet management. Mr. Burke graduated from Clemson University with a B.S. in Financial Management and a minor in Accounting. He received his CFA Charter in 2024.

Addison Glisson
Municipal Advisor

Addison Glisson joined Caine Mitter in June 2024, bringing experience in strategic consulting for international early growth companies and real estate investment analysis. Mr. Glisson graduated Cum Laude from Florida State University with a B.S. in Finance and a minor in Business Analytics.

Margaret Yiu
Municipal Advisor

Margaret Yiu joined Caine Mitter in February 2025. Prior to Caine Mitter, Ms. Yiu worked in equity research. She graduated from Northeastern University with a B.S. in Business Administration, concentrating in Finance and Marketing.

Max Greenfeld
Municipal Advisor

Max Greenfeld joined Caine Mitter as an intern in June 2023 and started full time in July 2024. Mr. Greenfeld graduated from Washington College with a major in Economics and minors in Finance and Accounting.

James Jeffs
Municipal Advisor

James Jeffs joined Caine Mitter as an intern in June 2023 and started full time in July 2024. Mr. Jeffs graduated from The University of Chicago with a major in Statistics.

Ajay Srivastava
Municipal Advisor

Ajay Srivastava joined Caine Mitter in May 2025. Prior to Caine Mitter, Mr. Srivastava worked as a municipal finance advisor for government, nonprofit, and other public sector clients in the Pacific Northwest. He graduated from Georgetown University with a B.S. in Business and Global Affairs.

Ben Chen
Municipal Advisor

Ben Chen joined Caine Mitter as an intern in June 2024 and started full time in June 2025. Mr. Chen graduated Magna Cum Laude from the University of Pennsylvania with a B.A. in Economics and minors in Computer Science and Environmental Management.

Max Sadlier
Municipal Advisor

Max Sadlier joined Caine Mitter in February 2026. Prior to Caine Mitter, Mr. Sadlier worked as a mechanical engineer. He graduated from Northeastern University with a B.S. and M.S. in Mechanical Engineering and a minor in Mathematics.

Sashwath Sriram
Municipal Advisor

Sashwath Sriram joined Caine Mitter in March 2026. Prior to Caine Mitter, Mr. Sriram worked in Debt Capital Markets. He graduated from Rutgers University with a B.S. in Finance, concentrating in Fixed-Income and Credit Analysis.

Andrea Jimenez

Andrea Jimenez joined Caine Mitter in October 2025. Ms. Jimenez has over 10 years of experience in operations management, compliance, and human resources across government and nonprofit sectors. As the firm's Operations Coordinator, she provides executive management support, oversees human resources functions, assists the Chief Compliance Officer, and manages office operations. Ms. Jimenez is bilingual in English and Spanish. Prior to joining Caine Mitter, she served as Operations Manager at L.O.V.E. Mentoring and Site Manager at Acuity International, where she led multi-state operations and ensured regulatory compliance with federal agencies. She holds a Master of Criminal Justice from Loyola University New Orleans.

William “Ted” Caine

Ted Caine joined Caine Mitter in January 2014. Mr. Caine has over 15 years of experience as an executive staff member for several non-profit organizations. As a part-time employee, he provides ad hoc administrative support services for the firm and sits on the firm's board of directors. In addition to working at Caine Mitter, Mr. Caine currently serves as the Chief of Staff of the youth services non-profit, The Door. He graduated with honors from New York University with a BFA in Drama and a focus in Economics.

Ann Marie Wood

Ann Marie Wood joined Caine Mitter in January 2014. With over 35 years of experience, Ms. Wood is an accomplished lead technical engineer working on software development and reporting. She is responsible for enhancements made to software used by the firm. Ms. Wood graduated with a B.A. in Mathematics from Fordham College and went on to earn an M.S. in Computer Science from the University of Oklahoma.

Stella Statham

Stella Statham joined Caine Mitter in September 2019 with 36 years of experience in all aspects of accounting, human resources, and administration. Ms. Statham manages the firm’s books and provides HR and administrative support. She attended Jersey City University.

George Caine

George Caine joined Caine Mitter in August 2020. Mr. Caine provides support for the firm’s marketing efforts, including website maintenance and drafting proposals. He holds a B.A. from Sarah Lawrence College and an MFA in Screenwriting from the American Film Institute.

Copyright © 2026 Caine Mitter & Associates Incorporated. All rights reserved.

Caine & Midgely (1978 – 1981), Caine Gressel Midgely Slater (1981 – 1991), CGMS (1991 – 1998) were predecessor firms to Caine Mitter (1998 – present). Historical statistics relating to the activity of Caine Mitter from 1978 to 1998 refer only to activities conducted within those firms by individuals that ultimately went on to form Caine Mitter.

Information relating to employees and clients of the firm is as of June 12, 2026. All other statistics are as of January 1, 2026.