The Promise Homes Company Completes $25.7 Million in Two Refinancings from Freddie Mac for 308 Single-Family Homes in Metro Atlanta & Florida

Institutional-Grade Financing by Established Lender Freddie Mac
Positions Promise Homes as Quality Manager in the Single-Family Rental
Category

ATLANTA–(BUSINESS WIRE)–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 it has closed on two
refinancings from Freddie Mac Multifamily totaling $25.7 million, which
covers 308 single-family homes in the Atlanta metro area and Central
Florida. The homes were acquired in separate transactions from
institutional owners of single-family homes in 2018.

Promise Homes was one of the recipients chosen to qualify for financing
through Freddie Mac’s $1.3 billion affordable single-family rental pilot
program, which ended in 2018. This distinction further establishes
Promise Homes as an institutional-grade manager of high-quality,
single-family homes with a unique resident engagement program. Freddie
Mac recently cited Promise Homes as a unique and compelling partner in
its single
family rental market overview whitepaper
(published December 2018)
for both its asset management and its innovative financial literacy
programming available to all residents.

Since its launch in Summer 2017, Promise Homes has built its portfolio
of single-family rental homes to now include more than 650 homes across
metro Atlanta as well as northern and central Florida. As part of the
company’s innovative business model, current and future Promise Homes
residents have access to free financial literacy and economic support
services through Promise Homes’ contract with Operation HOPE—the leading
non-profit, global provider of financial dignity education and economic
empowerment programs.

“These two refinancings demonstrate Promise Homes‘ ability to secure
attractive, long-term financing from leading and like-minded
institutions that are dedicated to providing affordable financing to
middle-income, working class residents. We take great pride in working
with Freddie Mac and its servicing providers, and Promise Homes remains
committed to working with every lender that shares this vision,” said
John Hope Bryant, Chief Executive Officer of Promise Homes. “As we
continue to scale the size of our business, we look forward to working
with additional lenders in order to meet the broad needs of our varied
constituents — including families who deserve a path to homeownership,
our local, small business vendor partners looking to build their reach,
communities seeking to stabilize their middle class, as well as our
investors.”

Of the 308 properties in these two recent acquisitions, more than 95%
qualify as “affordable housing,” based on 80% of the area median income.
In addition, more than 30% have been rented to residents with Section 8
vouchers. The homes are located primarily in DeKalb, Clayton and Fulton
counties in Georgia as well as Tallahassee, Florida.

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.

About Freddie Mac

Freddie Mac Multifamily is the nation’s multifamily housing finance
leader. Historically, nearly 90 percent of the eligible rental homes
that Freddie Mac funds are affordable to families with low to moderate
incomes.

Freddie Mac makes home possible for millions of families and individuals
by providing mortgage capital to lenders. Since its creation by Congress
in 1970, Freddie Mac has made housing more accessible and affordable for
homebuyers and renters in communities nationwide. Freddie Mac is
building a better housing finance system for homebuyers, renters,
lenders and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac
and Freddie Mac’s blog FreddieMac.com/blog.

Contacts

Promise Homes:
Bill Mendel
Mendel Communications
212-397-1030
bill@mendelcommunications.com

Freddie Mac:
Michael Morosi
703-918-5851
Michael_Morosi@FreddieMac.com

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