Promise Homes Co. will include 16 Metro Orlando homes in a new deal to buy 117 single-family residences and rent them out as affordable housing for working families.
Promise owns more than 400 rental homes, most in the Atlanta area. Promise and partner Operation Hope, Inc., share a common CEO, John Hope Bryant of Atlanta. Tenants receive free financial literacy and economic support services from Operation HOPE, according to Promise’s website.
The Central Florida properties in the deal are mostly in Orlando with a few in Apopka and Deltona, a spokesman said. Local minority-owned businesses are contracted for maintenance on Promise properties, the company said in a Monday release from Freddie Mac announcing financing for the $7.8 million deal through CBRE.
Of the properties being bought, 96 percent will qualify as affordable housing based on their area’s median income, the release said. A small number of the homes will be rented at full market value. Promise also aims to enable eventual home ownership for its renters.
“This is exactly the type of transaction we’re looking for with our single-family rental pilot,” Freddie Mac Multifamily’s David Leopold said in the release. Nearly 90 percent of eligible homes funded during the program’s history are affordable to low- and moderate-income households.