Our Unique Approach: Proving a New and Better Way To Do Business
Promise Homes has a five-point framework guiding its business model.
1RELATIONSHIP: A new relationship between property owner, resident and property manager. 2PARTNERSHIP: Strong and lasting partnerships with business and strategic partners. 3RESIDENTS: Providing resources to empower residents with financial knowledge, credit score improvement, and a path to long-term financial stability. 4SUPPLIERS: A new opportunity for minority small business and local job development. 5BUSINESS MODEL: Operational transparency, efficient scalable business model, attractive returns, fairness.
STRENGTHENING RESIDENT RESILIENCY AND BUILDING COMMUNITY
Promise Homes believes that by choosing quality residents and supporting them with a series of financial and economic empowerment services and tools, that we also build a stronger and more resilient company. Resident support reinforces the foundation and strength of The Promise Homes Company.
Promise Homes has contracted to be a paying member of Operation HOPE. This membership in the Operation HOPE network means that Promise Homes residents will have access to complimentary services such as financial literacy education, financial counseling resources around credit management, and financial counseling program enrollment in 700 Credit Score Club, Powered by Operation HOPE. This is a program that allows individuals to build or rebuild their credit score from wherever they happen to be. Promise Homes will also provide a complimentary credit bureau report to all enrollees as part of the program.
THE PROMISE HOMES SIGNATURE RESIDENT PROGRAMS
700 Credit Score Club | Powered by Operation HOPE
Promise Homes believes in investing in the communities, families and individuals that it serves. Our partner Operation HOPE has a longstanding set of programs that have a proven track record of increasing credit scores for participants, which has led to overall increases in individual self-esteem, self-confidence, personal belief, greater levels of financial literacy, better decision-making and enhanced financial resiliency. Operation HOPE considers credit scores a “trending indicator” of and for overall community strength. Promise Homes will offer 700 Credit Score Club membership to its individual residents, providing them with the tools and resources to help increase their credit scores. With improved credit scores and with other money management counseling provided to residents through Operation HOPE, Promise Homes seeks to empower its residents to increase savings, reduce debt, and improve overall financial literacy that will position them to be able to own a home one day.
The Promise Homes Dignity in Housing Program
Promise Homes understands that “life happens,” even for the most responsible and resilient of citizens. This is particularly true in a country where 70% of all Americans are living from paycheck to paycheck, and a quarter of all Americans would have to sell their car to raise $4,000 for a family emergency.
Unexpected events such as a family death, a job loss, hospitalization — where the head of household simply needs an opportunity to “step away” from the crisis for a moment to regain their footing –are bound to happen, and are particularly difficult for individuals and families with limited financial reserves.
The Promise Homes Dignity in Housing Program rewards sustained on-time monthly rental payments with “Life Event Credit,” a credit equal to one month’s rent for residents to use in times of need. 18 months of on-time monthly rental payments are rewarded with one month of Life Event Credit, and 60 months of on-time monthly rental payments are rewarded with up to three months of Life Event Credit.
GROWING COMMUNITY STRENGTH AND RESILIENCY
Promise Homes is committed to being active in the communities in which it invests. We also will rely on local resources in order to support these communities.
Promise Homes believes that working to ensure that vendor selection opportunities remain local and community-engaged, particularly for standard property management responsibilities, is good for business and for the company. Promise Homes and its initial contracted property manager, Renter’s Warehouse, have committed to opening up its ongoing and active list of property maintenance contract work opportunities to any qualified local business.
There will be a specific focus around minority small businesses and certified minority skilled labor in the following areas:
- Air conditioning and heating
- General contractor
- Other work as appropriate