Funding projects can be difficult, especially when many cities are facing historic budget constraints. Often, finding this money means passing on the costs of programs to residents. However, by bringing years of experience and strategic thinking to the situation, the Newcomb De Dios Financial Group executed a plan that funded improvements to Rohnert Park mobile homes without any financial impact or cost increases to the residents.

“Historically low interest rates have enabled communities across California to invest in infrastructure improvements,” said Pam Newcomb, a principal with Newcomb De Dios Financial Group. Newcomb De Dios Financial Group is an investment banking firm that provides underwriting and financial advisory services to municipalities and government entities. “Additionally, costs of construction remain lower than the highs of the last decade, so developers are finding even more reason to start projects now.”

Most recently, Newcomb De Dios Financial Group managed the Independent Cities Finance Authority, Mobile Home Park Revenue Refunding Bonds for two Parks in Rohnert Park. Their strategies and expertise resulted in providing a funding source for capital improvements in the two mobile home parks without any rent increases, despite the fact that this was an option under the Rent Control Ordinance. The three principals that lead the group are Manny De Dios, Pamela Newcomb, and Janees Williams.

Historically low tax-exempt bond rates allowed Newcomb De Dios Financial Group to refund two series of bonds. Due to the difference in interest rates between the current bonds (at 6.40%/5.90%) and the proposed new rate of 4.82%, the debt service savings warrant a refunding. These savings generated additional funds of $3,685,000 for capital improvements for Millennium Housing Corporation, owner of the two Rohnert Park Mobile Homes, to use towards infrastructure upgrades to electrical systems, street improvements, clubhouse enhancements, and other necessary projects. The refunding enables capital improvements without burdening residents with the cost at a time when people will be particularly appreciative of one less expense to worry about.

Financial advisory service specialists Pam Newcomb, Janees Williams and Beth Fawcett recently established Newcomb Williams Financial Group (NWFG), an investment banking firm providing underwriting and financial advisory services to municipalities, government organizations, nonprofit corporations and school districts.

Although NWFG is new, its partners have over of 30 years of experience working with local governments. “After many years in municipal finance I decided to form NWFG to provide an opportunity to work with long term business partners in a new venture” said Ms. Newcomb.

Areas of service include general obligations, mobile park home financing, certificates of participation, general obligation bond financings, lease revenue bond financing, tax allocation refunding, revenue and expense projection modeling, utilities and energy financings and implementation of special tax modeling. Ms. Fawcett added, “NWFG is a great opportunity for us to establish a women-owned Firm to serve our many municipal clients”. NWFG is based in Carlsbad, California.

Newcomb Williams Financial Group (NWFG) is a newly formed investment banking firm providing underwriting and financial advisory services to municipalities, government organizations, nonprofit corporations and school districts. CBJ interviewed President Pam Newcomb, Senior Vice President Janees Williams and Vice President Beth Fawcett about their beginnings in financial advisory services, working with public sector clients and the advantages of being a boutique firm.

1. Tell us about your career and explain if there were any key experiences that led you to work in the area of financial advisory services specializing in local government.

Newcomb: I started my career in public finance working for a large California county.  During my tenure with the county I developed several mechanisms to finance affordable housing.  Moving over to the private sector allowed me the opportunity to continue financing affordable housing using tax-exempt bonds.

Williams: I started in public finance investment banking in October 2000. I was introduced into the profession by my father, Bruce Williams, who was the Town Manager of Apple Valley.

 2. How has the field changed since you started your career?

Newcomb: During my time in the public sector I have seen the number of investment banking firms shrink, especially the number of smaller investment banking firms. I believe this gives us an opportunity to shine as a smaller firm.

Fawcett: No doubt the compliance side our business has changed immensely through the years, with more regulations put on our industry each year. We are committed to staying on top of the new rules for not only our business, but for the client.

3. Is providing financial advisory services to local government clients different than working with private sector clients? What are the unique challenges and rewards of working with public sector clients?

Newcomb: Yes, it’s different in that we are here to help our clients be the “stars”. The challenge is always that our time frame to complete a deal may be different than the clients’, since completing the deal and doing a great job is our number one priority. However, sometimes our clients have other priorities because they have many ongoing activities other than finance.

4. What are two advantages NWFG brings to the table?

Newcomb: Our service oriented appeal and our creativity. These are two things a smaller firm offers over larger bureaucratic firms.

Williams: As Pam mentioned, we are a small a firm without a lot of bureaucracy, which allows to meet our clients expectations in a timely manner.

5. Are there any hobbies or activities you enjoy outside of work?

Newcomb: Hobbies I enjoy are world travel- I have been on all 7 continents and am looking forward to a trip in the Arctic to visit the polar bears. I also enjoy fly-fishing with my husband.   

Williams: Shop, shop, shop and avoid nature.

Fawcett: Many years of fishing and hunting adventures with my husband. Entertaining and cooking for my family and friends.The biggest joy of all…spending time with our grandchildren, Greer, Ford and Phoenix….Priceless!

The Independent Cities Finance Authority (ICFA) recently selected Newcomb Williams Financial Group (NWFG) as underwriter for the $23 million Rancho Vallacitos Mobile Home Park bond refunding. Built in 1971 and located in the City of San Marcos, the park consists of over 50 acres and 340 units. The exclusively over-55 community includes a pool, spa, recreation center, laundry and other amenities, and is fully occupied, with a low turnover rate.

The refunding provides maintenance and capital improvements to the park. “This financing provides a wonderful opportunity to capitalize on historically low interest rates to provide additional funding for the Parks capital improvements” said Janees Williams, Senior Vice President of NWFG. Funds remaining after paying bills and fees will stay in the park for housing assistance, homeowner activities, additional capital improvements and other uses benefiting the community.