Breakout Session: Affordable & Rental Housing Solving Affordable Multifamily Housing Supply Challenge
There is a persistent affordable rental housing shortage in the U.S., with the problem getting worse as rents rise faster than incomes in many places throughout the country. Low-income households and communities of color feel the ongoing housing challenges most demonstrably. Rising rents, strong demand, and a limited supply of affordable housing has led to high shares of cost-burdened renters across the country. Hear from industry practitioners who are working to address the supply challenges through policies, programs, and practices.
Chad P. Musgrove is a Senior Vice President at M and T Realty Capital Corporation (MTRCC) having joined in June 2022. Mr. Musgrove originates multifamily affordable and conventional loans nationwide via the DUS, Optigo, and HUD platforms. He currently oversees Agency production for MTRCC in Miami and also provides structured finance solutions via the capital markets for non-multifamily commercial real estate. Mr. Musgrove has directly been involved in structuring more than $3 Billion in loans throughout his career. Prior to joining MTRCC, Mr. Musgrove was an Associate Director at Lument for over a decade having worked for its predecessor firms Hunt Real Estate Capital and Centerline Capital Group. He began his tenure in New York and relocated to Miami in 2014 to expand the company’s Agency footprint across Florida, the Southeastern US and nationally. He also spent time in the payments finance sector as an Associate Consultant within the Industry Roundtable division for Auriemma Consulting Group, where he was responsible for business development with C-suite professionals while consulting on corporate finance and strategy related to mortgage banking debt collections. Before joining Auriemma, Mr. Musgrove was a Research Associate for Coleman Research Group where he performed specific primary research in identifying market trends that covered sector-specific topics across real estate, mortgages, and other merchant services for buy-side institutional investors. He is a sitting board member of Rebuilding Together Miami-Dade and the Real Estate Lenders Association Miami and volunteer for various non-profit organizations such as Omega Psi Phi Fraternity and 100 Black Men. Mr. Musgrove holds a Bachelor of Arts degree in economics from Columbia University in the City of New York.
David Leopold is Head of Berkadia Affordable Housing, an integrated platform that includes Mortgage Banking, Investment and Sales Advisory Services, and Tax Credit Syndication. The platform provides comprehensive financial solutions to owners and developers of Affordable Housing. David joined Berkadia in November of 2019 to lead the integration of Berkadia’s Affordable Housing platform. Under his leadership, Berkadia Affordable Housing’s 2022 production volume totaled $5.2B across the three business lines. In 2022, Berkadia Affordable Housing was ranked the #1 Freddie Mac Affordable Housing lender. Prior to joining Berkadia, he spent five years with Freddie Mac Multifamily as Vice President of Affordable Sales and Investments where he grew Freddie Mac's Affordable production from $2.2 billion in 2014, to about $9 billion in 2019 - while maintaining 0 delinquencies. He also led Freddie Mac's reentry into the LIHTC equity investment business in 2018. Prior to Freddie Mac, David was a Tax Credit Equity Executive for Bank of America Merrill Lynch, leading the Nation's second-largest tax credit equity investor from 2009-2015. David's background also includes municipal bond finance, structured finance and securitization, public-private partnerships, and tax-efficient impact investing.
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.
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 Investment Committee. Daron has extensive experience in the industry working 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 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 loans. Before that, Daron held leadership positions in construction lending and tax credit equity investments at BofA and Regions Bank. Daron is on the Board of Directors of Selfhelp Community Services, a member of the Multifamily Impact Council, and the co-chair of the Affordable Rental Housing Advisory Council at the Mortgage Bankers Association. Daron holds a B.A. in Politics from Brandeis University and an Executive MBA in Finance and Diplomacy from the City University of Seattle.
Stephanie Wiggins is Managing Director/Head of Production for PGIM Real Estate. She leads loan originations for Fannie Mae, Freddie Mac, Affordable and FHA multifamily loans. Stephanie is an accomplished senior leader with over 30 years of success in the commercial real estate financial sector. In addition, Stephanie is deeply committed to advancing the tenets of diversity, equity and inclusion in the commercial real estate industry. Stephanie is an active member of industry associations. She serves as a board member of the National Housing and Rehabilitation Association, a professional association of affordable housing and multifamily key stakeholders. In addition, Stephanie holds key roles within several industry associations, including memberships in the Urban Land Institute’s (ULI’s) Public Private Partnership Council, ULI’s Women’s Leadership Initiative, and ULI’s Young Leaders Group mentor program; Mortgage Bankers Association’s COMBOG council, and MBA’s Capital Council as Vice Chair; Real Estate Executive Council (REEC); and Real Estate Network Empowering Women (RENEW). Within PGIM, Stephanie serves as an Executive Sponsor of Girls Who Invest and is a member of PGIM’s Black Executive Leadership Team (BELT). Stephanie also serves as a board member for The Campagna Center, a nonprofit organization that provides educational and social development programs for underserved children, teens and adults in Alexandria, Virginia.