Wells Fargo Names Head of Community Lending and Investment
Vince Toye has been appointed head of Community Lending and Investment (CLI) at Wells Fargo. The CLI team lends to, and invests in, communities and businesses in support of the bank’s commitment to economic development, job creation, and affordable housing.
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 is a top investor in affordable, multifamily housing 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.
The NRP Group Enters Atlanta Market, Hires VP of Development
Johnson Bazzel has joined The NRP Group as vice president of development in Atlanta. The hire marks the firm’s entrance into the market as it aims to build out its presence in multifamily development in the Southeast.
Bazzel will be responsible for site acquisition, design, equity and debt capital raising, as well as management of both the construction and sale processes for The NRP Group. An industry veteran, he previously served as vice president of development for Wood Partners, where he was responsible for all phases of multifamily and mixed-use deals.
Like other markets where The NRP Group is active, Atlanta is a large transportation hub with a booming economy, experiencing rapid job growth fueled by diverse business sectors spanning technology, media, finance, and government. As the city continues to attract population flows from both the Atlanta suburbs and other cities, demand for rental housing is expected to be a constant, said the firm.
The NRP Group is a vertically integrated developer, owner, builder, and manager of multifamily housing. Since its founding in 1995, it has delivered more than 33,000 apartment homes and manages over 17,000 residential units.
Housing Visions Appoints President and CEO
Benjamin Lockwood has been named president and CEO of Housing Visions, a Syracuse, N.Y.–based nonprofit specializing in affordable housing development. It is the owner of roughly 1,600 units throughout 15 communities in Upstate New York and Pennsylvania and has a total community investment of more than $350 million.
Lockwood succeeds Rebecca Newman, who was appointed to the top post in 2017 after longtime co-founder and president Ken Craig stepped down after 27 years. Newman is leaving to pursue a family business opportunity but will continue to serve on the executive team as vice president, operations, until October.
Lockwood began his tenure at Housing Visions in 2005 as development manager after time with the city of Syracuse as a neighborhood planner. He has since been promoted several times including serving as senior development manager, director of development, and most recently, vice president, business development.
The NHP Foundation Names Vice President, Philanthropy
Barbara W. Wolf has been named vice president, philanthropy at The NHP Foundation (NHPF), where she will lead fundraising efforts for The NHP Foundation and its affiliate, Operation Pathways.
She brings over 25 years of fundraising, program management, and advocacy experience to the role, including serving as vice president, development, for the National Apartment Association Education Institute, where she led a capital campaign to raise funds for new talent acquisition and education programs benefitting the multifamily industry.
Headquartered in New York City with offices in Washington, D.C., and Chicago, NHPF is a nonprofit real estate corporation. Its portfolio includes 42 properties, totaling over 7,000 apartment units, in 15 states and the District of Columbia. NHPF also provides a robust resident services program to more than 28,000 community residents.
Shelburne Joins Georgia DCA
Mark Shelburne has joined the Office of Housing Finance at the Georgia Department of Community Affairs. The office handles policy, allocation, construction, and underwriting for the state’s affordable rental programs, including low-income housing tax credits (LIHTCs), bonds, and HOME.
Shelburne recently served as senior manager, public policy, at Novogradac & Co. Prior to that, he worked at the North Carolina Housing Finance Agency, where he coordinated the LIHTC program’s qualified allocation plan and initiated award-winning programs.
Hunt Capital Partners Expands Team
Hunt Capital Partners (HCP) has announced the addition of three new members to its team.
Emily Martin has joined the firm as director, investor relations. In her new role, she will be responsible for working with investors, attorneys, accountants, and other third-party consultants in structuring tax credit investments, mitigating risk, and monitoring the performance of individual properties and HCP’s syndicated funds. She brings 20 years of experience with LIHTC lending, investing, and portfolio management. Prior to joining HCP, Martin worked for financial institutions, where she was responsible for investing over $200 million in investments annually.
John Lee has rejoined the firm as director, investor relations, and will be responsible for preparing financial projections for fund level investments and monitoring property level investments and syndication to investors in both proprietary and multi-investor funds. Lee was recently an underwriter at Enterprise Community Investment. Prior to that, he had been a director at HCP for seven years and a senior accountant at Novogradac & Co. for four years.
Earl Chase has joined the firm as a director, acquisitions, based in Chicago. He is responsible for originating, structuring, negotiating, and securing affordable housing transactions nationwide with a primary focus on the Upper Midwest.
Chase has over 15 years of experience in the commercial real estate industry, with the last 10 focused on affordable housing. He has been involved in over $2.5 billion in commercial real estate transactions in senior positions within corporate real estate, multifamily development, commercial lending, and equity syndications.
Alliant Capital Names Executive Vice President
Dudley Benoit has been appointed executive vice president at Alliant Capital, where he will oversee the LIHTC production teams of originations and investor relations. Additionally, he will be responsible for setting and implementing company strategy as a member of Alliant’s executive committee.
Benoit has over 20 years of experience in the community development and real estate finance fields. Prior to joining Alliant, Benoit worked at Santander Bank as a senior vice president and director of community development finance. In this position, he was responsible for the bank’s community development lending and equity investing platform. Prior to Santander, he served as a senior vice president leading JPMorgan Chase’s commercial real estate multifamily lending business in the Boston, Philadelphia, and Washington, D.C., markets. Prior to that role, he managed the intermediaries lending group in JPMorgan Chase’s Community Development Banking unit. Benoit also managed the New Markets Tax Credit and community development private-equity programs during his time at JPMorgan Chase.
He is a Towsley Foundation Policymaker in Residence at the University of Michigan's Gerald R. Ford School of Public Policy and serves on the board of Reinvestment Fund.
Headquartered in Woodland Hills, Calif., Alliant has syndicated more than 100 funds, raised over $7.1 billion in investor equity, and invested in excess of 960 properties comprising over 94,600 LIHTC units.
New Development Firm Formed
Shawn J. Bolour has launched an affordable housing development company, The Bolour Movement, which is focused on project-based Sec. 8 and LIHTC communities in various markets nationwide.
Previously, Bolour was on Century Housing’s development team and contributed to award-winning projects such as Anchor Place. Over the course of his career, he has been involved in over $160 million in affordable housing real estate acquisitions and developments that have created or preserved over 1,500 apartment units across the country.