COMMERCIAL/MULTIFAMILY POLICY TRACK: Housing Affordability in the US: Market Rate Versus Affordable - Where are the Opportunities?

Head of Community Development Banking & Agency Lending, JP Morgan Chase

Vince Toye is Managing Director, Head of CDB, Agency and Off-Balance Sheet (OBS) Lending for Commercial Banking at JPMorgan Chase. The national Agency and OBS platform provides JPMorgan Chase’s commercial real estate clients access to a broad suite of lending and credit solutions through Government-Sponsored Enterprise partnerships. With two decades of experience in commercial real estate finance, Toye joined JPMorgan Chase from Wells Fargo, where he served as Executive Vice President and Group Head for Community Lending and Investment. Previously, he served as Head of Production for Wells Fargo Multifamily Capital, where he managed the Government-Sponsored Enterprise originations team, increasing production, and overseeing Wells Fargo’s relationships with Fannie Mae and Freddie Mac.

Partner, Ballard Spahr LLP

Rania S. Galan is a partner with Ballard Spahr LLP, a national law firm that represents more than 75 housing authorities, closes hundreds of bond transactions as bond and underwriter's counsel, and is involved in thousands of tax-credit transactions. Ballard Spahr routinely represents borrowers and more than a dozen lenders under all of the multifamily programs of Freddie Mac, Fannie Mae, and U.S. Department of Housing and Urban Development (HUD). Rania represents borrowers and mortgage lenders in commercial real estate financing transactions. Her practice involves the construction, rehabilitation, acquisition, and refinancing of market rate and affordable multifamily and healthcare facilities, with an emphasis on Fannie Mae agency loans and loans insured by the Federal Housing Administration (FHA). She counsels on the impact of the National Housing Act and FHA regulations, and advises clients on a variety of financing structures, concentrating on transactions involving bridge loan financing, Section 8 properties, tax-exempt bonds, tax credits, and healthcare financing. Rania and her Ballard Spahr colleagues represent private and public lenders, borrowers, and other clients nationwide, counseling on all aspects of HUD-insured financing transactions. Their work has included acquisition, rehabilitation, and new construction loans; tax-exempt bond financings credit enhanced by HUD insurance; Government National Mortgage Association mortgage-backed securities; IRP decoupling transactions; and transfer of physical assets applications. They are experienced in virtually all of HUD's multifamily programs and with the related tax, securities, environmental, and other legal issues associated with HUD transactions.

Head of Affordable Housing Lending, M&T Bank Corporation

Senior Originator, BWE

Tony Love is Senior Vice President of Affordable Housing and FHA Lending at Bellwether Enterprise Real Estate Capital in Cleveland, OH.  Tony is responsible for originating and closing financing for affordable and conventional multifamily projects.  He received a Bachelor’s of Arts in Urban Studies from the College of Wooster in 1986, a Master’s of Regional Planning from the University of North Carolina at Chapel Hill in 1991, and an Executive Master’s of Business Administration from Case Western Reserve University in 2004. Tony is an active MBA member and currently serves as Vice Chair of the Affordable Housing Committee. He is a strong advocate for the industry and received the MBA's Burton C. Woods Legislative Service award in 2014.

Head of Affordable Housing Investments, Barings

Daron Tubian is a member of Barings’ Real Estate Team, a global real estate platform with extensive capabilities across both debt and equity strategies. Daron is a Managing Director and Head of Affordable Housing Investments, overseeing business strategy, origination, underwriting and asset management for all affordable and workforce housing debt and equity investments. Daron is also chair of Barings’ Affordable Housing Investments (AHI) Investment Committee. Daron has been in the industry since 2000 and has extensive experience in private placements, construction and permanent lending, structured subordinate lending, tax credit equity investments and loan securitizations. Prior to joining the firm in 2018, Daron spent 13+ years at Bank of America Merrill Lynch (BofA) where he was a Senior Vice President and National Head of Permanent Debt Finance for Community Development Lending, responsible for overseeing the permanent debt platform for multifamily affordable housing. Before that, Daron held leadership positions in construction lending and tax credit equity investments at BofA and Regions Bank. Daron is Chair of the Affordable Rental Housing Advisory Council at the Mortgage Bankers Association (MBA), is on the Board of Directors of Selfhelp Community Services and the Melamid Institute for Affordable Housing and is a member of the Multifamily Impact Council. Daron holds a B.A. in politics from Brandeis University and an Executive MBA in finance and diplomacy from the City University of Seattle.