The Promise Homes Company Announces More Than $3.5 Million Paid Through Its Minority Vendor Program – Valdosta Daily Times | Vette Leader

ATLANTA–(BUSINESS WIRE)–Aug. September 2022–

The Promise Homes Company, the largest minority-owned manager of institutional-grade single-family rental homes in the United States, announced today that it owns more than $3.5 million in repair and maintenance businesses and contractors through its minority has been paid by minority vendors since the program ramped up in 2019. That equates to a total of nearly 4,000 repair, maintenance, and turn jobs performed by minority-owned vendors — or 35% of all repair and maintenance jobs in the the company’s entire portfolio of single-family rental properties over the past five years. For the past three years, Promise Homes has significantly increased its utilization rate from minority vendors each year, exceeding its goal of 50% of all repairs and maintenance outsourced to minority vendors in 2021.

“At Promise Homes, we’ve made incredible strides in our efforts to increase hiring of local, minority-owned contractors for home repair, maintenance and completion work. However, we’re not done yet, and we’re committed to continuing to grow this program,” said John Hope Bryant, founder and chairman of The Promise Homes Company. “Our mission at Promise Homes is to support local businesses and entrepreneurs – particularly the vendors who perform essential repairs and maintenance for our residents – thereby strengthening the communities in which we invest.”

Promise Homes is actively expanding its Minority Vendor Program with a goal of onboarding more than 100 new minority-owned vendors by the end of 2023. The program accepts applicants that are either managed and controlled as a minority-owned business (at least 51% owned by one or more African American, Hispanic, Native American, Asian Native American, or Asian Pacific American) or a small business owned by a Female (at least 51% owned, directed and controlled by one or more women). This program is an important part of Promise Homes’ mission to strengthen communities by providing quality housing at affordable prices to middle- and working-class residents. Additionally, through its partnership with Operation HOPE, Promise Homes provides free financial education, credit counseling, and unique financial incentive offerings to help residents pay rent, build credit, and obtain mortgage commitments for the tenant-to-homeowner transition.

About Promise Homes

Founded in May 2017, The Promise Homes Company is the largest minority-owned manager of institutional-grade single-family homes in the United States, serving working- and middle-class communities. Promise Homes provides its residents with quality housing at affordable prices along with financial assistance and support that would put them financially capable of eventually owning a home. Promise Homes also contracts with local, minority-owned companies for property maintenance services, creating local, sustainable jobs in the communities in which it invests. Promise Homes was founded by John Hope Bryant, an entrepreneur, author, philanthropist and prominent thought leader on financial inclusion, economic empowerment and financial dignity. Visit http://www.thepromisehomescompany.com for more information.

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CONTACT: Mendel Communications

Bill Mendel

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bill@mendelcommunications.com

KEYWORD: GEORGIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: MANUFACTURING WOMEN OTHER PROFESSIONAL SERVICES HISPANIC URBAN PLANNING HUMAN RESOURCES LANDSCAPE ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSUMER OTHER CONSTRUCTION & REAL ESTATE PROFESSIONAL SERVICES HOUSING & REAL ESTATE NATIVE AMERICAN CONSTRUCTION & PROPERTY DEIVERSITY, ERICANIC AMERICAN INTERNATIONAL

SOURCE: The Promise Homes Company

Copyright Business Wire 2022.

PUB: 9/27/2022 8:00 AM / DISC: 9/27/2022 8:03 AM

http://www.businesswire.com/news/home/20220927005055/en

Copyright Business Wire 2022.

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