JPMorgan Chase Appoints Vince Toye as Head of Community Development Banking
Toye will lead a national business that strengthens communities by expanding access to capital
JPMorgan Chase has promoted Vince Toye to head of community development banking (CDB), Commercial Observer can first report. The CDB business lends to and invests in community and economic development projects in underserved markets across the United States. Toye replaces Alice Carr, who was recently appointed the CEO of April Housing, a new portfolio company formed by Blackstone.
Toye joined JPMorgan Chase (JPM) 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 continue reporting to Al Brooks, head of commercial real estate for JPMorgan Chase.
“My focus as I take on this role will be supporting this exceptional team, helping them gain access to the resources they need to drive innovation and create greater efficiencies, and ensuring that we continue fulfilling our clients’ needs,” Toye told Commercial Observer.
JPMorgan Chase’s CDB team just ended a record-breaking year, with nearly $5 billion invested to support underserved communities across the country with financing for affordable housing and vital community institutions. “With that momentum, we’re poised for additional growth and expansion. I look forward to finding more synergies between our CDB and OBS businesses to provide additional tools to meet client needs,” Toye said.
Prior to joining JPMorgan Chase, Toye was head of community lending and investment at Wells Fargo. He managed affordable housing lending, New Markets Tax Credit investments, Low Income Housing Tax Credit and financing for community development financial institutions. Previously, he served as head of production for Wells Fargo (WFC) multifamily capital, where he managed the government-sponsored enterprise (GSE) originations team, increasing production and overseeing the firm’s relationships with Fannie Mae and Freddie Mac.
“I had the opportunity to work with several community groups that were providing social services as well as affordable housing. Seeing the impact of the work on the tenants and the community made an impression on me,” Toye said. “I’ve seen affordable housing transition from being thought of primarily as a CRA [or Community Reinvestment Act] activity to a real focus and genuine commitment, not just from banks and technology firms.”
When he first joined JPMorgan Chase — already with over two decades of experience under his belt — Toye focused on building the firm’s agency and off-balance-sheet lending capabilities to provide commercial real estate clients access to a broad suite of lending and credit solutions through GSE partnerships. He will assume his new leadership responsibilities immediately while continuing to oversee the agency and OBS lending business.
“Over the past year, I’ve had the unique opportunity to see this team in action, doing more than they have before with even less. On that note, I’d also like to see us grow our staff, adding and grooming more diverse young talent,” he said.
Toye earned his MBA from The Wharton School of Business at the 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 earned All-Atlantic Coast Conference academic honors. Throughout his career, Toye has mentored other professionals in commercial banking and real estate and held a leadership role at the Urban Land Institute.
“The demand for affordable housing continues to outpace the market’s ability to supply it, and the pandemic certainly made the urgency of the housing crisis more apparent than ever,” Toye said. “The industry will need to get creative to increase the affordable housing supply and think about how to build affordable homes quickly and inexpensively.”
Emily Fu can be reached at efu@commercialobserver.com.
