In neural circuits, statistical connectivity rules strongly depend on cell-type identity. We study dynamics of neural networks with cell-type-specific connectivity by extending the dynamic mean-field method and find that these networks exhibit a phase transition between silent and chaotic activity. By analyzing the locus of this transition, we derive a new result in random matrix theory: the spectral radius of a random connectivity matrix with block-structured variances. We apply our results to show how a small group of hyperexcitable neurons within the network can significantly increase the network's computational capacity by bringing it into the chaotic regime.