Vincent Toye

Describe the past 12 months in one word, then expand on your choice.

Challenging. The last 12 months were nothing compared to what we expected for 2023 — we have been working hard to fill financing gaps and address the higher-rate environment we are in. Projects are taking longer and the future is hard to predict, but we will continue to lend and finance projects in the affordable housing and community development space.

Tell us about a recently closed deal you’re proud of, and its biggest challenges/high points.

We made a historic tax credit equity investment in Troy, N.Y., to support the rehabilitation of 391 affordable apartments. We were able to use the historic tax credit model that has worked so well in New York City and expand out to more rural areas. It’s exciting to see the impact this project will have.

What are/aren’t you lending on today, and what’s changed in your loan terms?

There is nothing we were lending on a few years ago that we are not lending on today.  We continue to support workforce and affordable housing. On the term loans, you have to factor in timing. You should assume that things will take a bit longer to complete, because they will. We will continue to use our seat at the table to advance innovative efforts and work toward addressing the current challenges. 

Name two markets you’re gravitating toward today, and tell us why.

We are looking for more opportunity in Tennessee and the Carolinas. The firm has been expanding into these regions, and, as the firm opens branches, it’s important for Community Development to be in these communities. We want to provide holistic support to the communities where we live and work.

Will rate stability calm market volatility, or is that wishful thinking? 

It really depends. If rates stabilize at where they are today, that would not be great. If they stabilize a bit lower, then, yes, that would reduce market volatility.

What scares the bejesus out of you in today’s market? 

Housing costs have grown faster than most incomes in recent years, and a growing number of low-income families face housing costs that have reached an unaffordable high. Yet, even as the need for low-income housing assistance has grown, the emergence of large budget deficits is creating growing pressure for significant cuts in domestic programs, including low-income housing programs. At a time when supply is shrinking and housing demand is skyrocketing, this deficit greatly impacts the housing we can create. 

If you could make like Scott Baluka and quantum leap back to November 2022, what would you tell yourself? 

I’d tell clients to do their deals and that now is the time to execute — things are unlikely to get easier over the next eight to 12 months. Take the 10-year Treasury, for example; in November 2022, we were at 4.21 percent.

Lightning Round:

Multifamily or Industrial?

That’s an easy one: multifamily. Housing is important to me.

Taylor Swift or Beyoncé?

Beyoncé!  

What would be the title of your Lifetime biopic?

“I Could Not Have Imagined” … where I would be today. I was raised by a single mom and proud of where I am today leading CDB and agency lending for JPMorgan Chase.

‘Ride or dies’ only (relationship borrowers) or taking on new borrowers?

Relationship borrowers! We have incredible clients that I love working with.

Vacay time: Mountains or beach?

I’ll go wherever there is a golf course!

Complete this sentence: If I weren’t a lender I’d be an…

Astronaut. Funny enough, my background is in aerospace engineering.