Originally Published by Wells Fargo.
Wells Fargo announced that Vince Toye has been appointed head of Community Lending and Investment (CLI), reporting to Mark Myers, head of Commercial Real Estate. Wells Fargo’s nationwide CLI team lends to, and invests in, communities and businesses in support of Wells Fargo’s commitment to economic development, job creation and affordable housing.
“Vince is a proven leader in affordable housing and community development finance,” Myers said. “I am confident that his passion for this work, paired with Wells Fargo’s deep commitment to affordable housing and community development, will result in our CLI platform continuing to grow in its impact as we help support communities across the U.S.”
Most recently, Toye was government-sponsored enterprise head of production for Wells Fargo Multifamily Capital, which specializes in financing through Fannie Mae and Freddie Mac programs. In that role, he worked closely with the CLI team on the financing of many affordable housing developments. Toye also held multifamily capital and community development lending roles for Wells Fargo predecessors Wachovia and First Union and was previously responsible for Multifamily Customer Management at Fannie Mae.
“Wells Fargo has long been a leader in community lending and investment, and I look forward to building on that success to further the impact we have on the communities with the greatest needs,” Toye said. “By increasing collaboration across the bank, including with other parts of the Commercial Real Estate platform, we can bring together more resources and financial solutions to support the development of affordable housing and other community projects at a time when the need for such projects seems limitless.”
Wells Fargo is the top investor in affordable, multifamily housing in the U.S.1, as well as an active lender for affordable housing projects, financing over the last six years the creation of more than 200,000 affordable units for families, veterans, seniors and previously homeless individuals.
Recent CLI projects financed by Wells Fargo include:
- Edwin’s Place, which will provide 126 units of supportive and affordable housing in Brooklyn, New York, was financed through $70 million in debt and equity from Wells Fargo. All 126 units will provide affordable housing for individuals earning up to 40 percent, 50 percent or 60 percent of the area median income, and 88 units will be reserved for formerly homeless individuals and families, including veterans and those with special needs. Breaking Ground and the African American Planning Commission are partnering to develop the project, with the African American Planning Commission providing on-site supportive services like mental health referrals, job readiness training and financial literacy workshops. Wells Fargo’s $32 million in equity and $38 million in debt closed June 28, 2018.
- In Los Angeles, a nearly $15 million New Markets Tax Credit investment form Wells Fargo is supporting the construction of the Anita May Rosenstein Campus of the Los Angeles LGBT Center, the world’s largest provider of programs and services for LGBT people. The 215,000-square-foot Campus will provide critical services and housing for at-risk seniors and youth. Client visits to the Center are expected to increase to 50,000 visits each month with the opening of the new campus. Wells Fargo closed on its New Markets Tax Credit investment in June 2017, and the Campus is scheduled to open in early 2019.
- Through the Wells Fargo Works for Small Business: Diverse Community Capital program, Wells Fargo awards lending and grant capital to Community Development Financial Institutions (CDFIs) that in turn use those funds to deliver responsible, affordable financial products to diverse small business owners. In June, Wells Fargo announced the fifth round of awardees, and the program’s original $75 million commitment will be met by the end of 2018. The program was recently extended with an additional commitment from the Wells Fargo Foundation of $100 million in grant capital to be awarded to CDFIs through 2020.