JPMorgan Chase promoted Vince Toye to the head of the community development bank (CDB), Commercial Observer can report first. The CDB business lends and invests in community and economic development projects in underserved markets across the United States. Toye replaces Alice Carrwho was recently named CEO of April Housinga new holding company formed by black stone.
Toye joined JPMorgan Chase in February 2021 as Head of Agency and Off-Balance Sheet (OBS) Lending for Commercial Banking. Toye will remain in New York in his new role and will continue to report to Al Brookshead of commercial real estate at JPMorgan Chase.
“My goal in taking on this role will be to support this outstanding team, help them access the resources they need to drive innovation and create greater efficiencies, and ensure that we continue to meet the needs of our customers,” Toye told Commercial Observer.
JPMorgan Chase’s CDB team has just completed a banner year, with nearly $5 billion invested to support underserved communities across the country through funding for affordable housing and vital community institutions. “With this momentum, we are poised for further growth and expansion. I look forward to finding more synergies between our CDB and OBS businesses to provide additional tools to meet customer needs,” said Toye.
Prior to joining JPMorgan Chase, Toye was Head of Lending and Community Investments at Wells Fargo. He has managed loans for affordable housing, investments in the New Markets Tax Credit, the Low Income Housing Tax Credit and funding for Community Development Financial Institutions. Previously, he served as Head of Production for multi-family capital Wells Fargo, where he led the Government Sponsored Enterprises (GSE) set-up team, ramping up production and overseeing corporate relationships. with Fannie Mae and Freddie Mac.
“I had the opportunity to work with several community groups that provided social services as well as affordable housing. Seeing the impact of the works on the tenants and the community has struck me,” said Toye. “I have seen the transition to affordable housing from being seen primarily as an ARC [or Community Reinvestment Act] activity to real focus and real engagement, not just from banks and tech companies.
When he first joined JPMorgan Chase – already with more than two decades of experience under his belt – Toye focused on developing the company’s agency and off-balance sheet lending capabilities to provide commercial real estate customers access to a wide range of loan and credit solutions through GSE Partnerships. He will assume his new leadership responsibilities immediately while continuing to oversee OBS’s agency and lending activities.
“Over the past year, I’ve had the unique opportunity to see this team in action, doing more than before with even less. On that note, I would also like to see us grow our staff, adding and nurturing more diverse young talent,” he said.
Toye received his MBA from The Wharton School of Business to University of Pennsylvania and a bachelor’s degree in aerospace engineering from the University of Virginia. He played college football as a running back at Virginia and won Atlantic Coast Conference academic honors. Throughout his career, Toye has mentored other commercial banking and real estate professionals and held a leadership position at Urban Land Institute.
“The demand for affordable housing continues to exceed the market’s ability to supply it, and the pandemic has certainly made the urgency of the housing crisis more apparent than ever,” Toye said. “Industry will need to be creative in increasing the supply of affordable housing and thinking about how to build affordable homes quickly and inexpensively.”
Emily Fu can be reached at [email protected].