The Promise Homes Company, the largest minority-led manager of institutional-quality, single-family residential rental homes in the United States, announced today that it has paid more than $3.5 million to minority-owned repair and maintenance companies and contractors through its Promise Homes Minority Vendor Program since the program ramped up in 2019.
This represents a total of nearly 4,000 repair, maintenance and turn jobs completed by minority-owned vendors – or 35% of all repair and maintenance jobs across the company’s portfolio of single-family rental homes over the past five years. Over the past three years, Promise Homes has significantly increased its utilization rate of minority vendors each year, exceeding its goal of 50% of all repair and maintenance jobs contracted to minority vendors in 2021.
“At Promise Homes, we have been making incredible progress on our efforts to increase the hiring of local, minority-owned vendors for property repair, maintenance and turn jobs. That said, we are not done yet, and we are committed to continuing to grow this program,” said John Hope Bryant, Founder and Chairman of The Promise Homes Company. “Our mission at Promise Homes relies on supporting local businesses and entrepreneurs – particularly the vendors that complete necessary repair and maintenance work for our residents – thereby strengthening the communities in which we invest.”
Promise Homes is actively growing its Minority Vendor Program, with a goal to onboard more than 100 new minority-owned vendors by the end of 2023. The program accepts applicants that qualify as either a Minority-Owned Business Enterprise (at least 51% owned, managed and controlled by one or more African Americans, Hispanic Americans, Native Indian Americans, Asian Indian Americans or Asian Pacific Americans) or a Woman-Owned Small Business (at least 51% owned, managed and controlled by one or more women).
This program is a key part of Promise Homes’ mission to strengthen communities by providing quality homes at affordable prices to middle and working-class residents. Additionally, Promise Homes provides free financial literacy education, credit counseling through its partnership with Operation HOPE as well as unique financial incentive offerings to help residents pay rent, build credit and obtain mortgage commitments to transition from renters to homeowners.
About Promise Homes
Launched in May 2017, The Promise Homes Company is the largest minority-led manager 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 was founded by 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.
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CONTACT: Mendel Communications