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The Promise Homes Company Supports Residents Who Make 100% of Rent Payments On-time With $100 Rent Credit

March 3, 2020 GMT

ATLANTA--(BUSINESS WIRE)--Mar 3, 2020--

The Promise Homes Company, one of the largest minority-controlled, institutional-quality owners of single-family residential rental property in the U.S., announced today that its Resident Engagement Incentive Program has successfully rewarded 44 of its residents with a $100 rent credit for on-time rent payments since being implemented one year ago in January 2019. The program awards the one-time rent credit to Promise Homes residents who pay 12 months of rent payments on-time, and is part of the series of free financial and economic support services that The Promise Homes Company offers its residents – which also include credit score counseling and financial literacy education and coaching.

In addition to the on-time payment incentive, other Resident Engagement Incentive Programs include:

  • 25 for 25: $25 gift card for every 25-point increase in resident credit score
  • 700 Credit Score Club: 10% discount on rent when residents achieve and maintain credit score of 700 or more
  • Life Event Program: residents who pay rent on-time for 24 straight months qualify for one month of life event credit, a one-month rent credit to be used in times of need

Through the company’s contract with Operation HOPE - the leading nonprofit specializing in financial literacy and economic empowerment - Promise Homes residents also have free access to financial literacy education and coaching for all adults and children in the household, financial counseling resources for money management, credit management and homeownership, and Earned Income Tax Credit qualification guidance.

“We are thrilled at the success of this program, just one year since implementation and expect to have even more residents qualify for the rent credit in the coming months. In 2019, we also had our first resident graduate from the 700 Credit Score Club, increasing their credit score from 570 to 710 in one year, and another resident who was able to save enough money to buy their own home due to Promise Homes’ flexibility and 6-month month-to-month lease option,” said John Hope Bryant, Chief Executive Officer of Promise Homes. “These types of programs are critical to our mission to provide quality affordable homes along with free financial and economic support services that leads to real economic benefits for our residents, which ultimately helps improve communities.”

Promise Homes further supports the communities in which it invests by contracting with local, minority-owned businesses for property maintenance services for its homes.

About Promise Homes

Launched in May 2017, the Promise Homes Company is one of the largest minority-controlled owners of institutional-quality, single-family residential rental property in the United States, with a focus on working class and middle-class communities. Promise Homes offers its residents quality housing at affordable prices as well as financial empowerment and assistance that would position them financially to eventually own a home. Promise Homes also contracts with local, minority-owned businesses for property maintenance services, thereby creating local, sustainable jobs in the communities where it invests. Promise Homes is led by Chief Executive Officer John Hope Bryant, an entrepreneur, author, philanthropist, and prominent thought leader on financial inclusion, economic empowerment and financial dignity. For more information, please visit http://www.thepromisehomescompany.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20200303005207/en/

CONTACT: Bill Mendel

Mendel Communications

212-397-1030

bill@mendelcommunications.com

KEYWORD: GEORGIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: REIT FAMILY CONSUMER RESIDENTIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY

SOURCE: The Promise Homes Company

Copyright Business Wire 2020.

PUB: 03/03/2020 08:00 AM/DISC: 03/03/2020 08:01 AM

http://www.businesswire.com/news/home/20200303005207/en