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The Promise Homes Company Appoints John Ehle as Chief Executive OfficerThe Promise Homes Company, one of the largest minority-led managers of institutional-quality and CRA-eligible, single-family residential rental homes in the United States, announced today that John Ehle has been appointed as the company's Chief Executive Officer. This appointment represents a significant step in the evolution of Promise Homes, which has been growing its executive ranks since Founder John Hope Bryant transitioned to Chairman. By appointing an experienced real estate professional to head its growing leadership team, Promise Homes continues to fulfill its mission to reimagine the single-family rental (SFR) model with impact by providing affordable, quality homes alongside free financial education and incentive offerings to its middle- and working-class residents across the country. In his role as CEO, Mr. Ehle will be responsible for the overall strategic leadership and operational management of Promise Homes, with the charge to lead the company through a rapid growth phase and transform it into a major player nationally in the SFR industry. He will be based in the company headquarters in Atlanta. Mr. Ehle brings over three decades of experience in the real estate industry, with a background in residential and commercial portfolio ownership and operations, development, and acquisitions. He most recently served as President at Northern Lakes Real Estate Investments, which provides expert advisory services for residential and commercial real estate asset/portfolio owners. Prior to that, he was President of two vertically-integrated residential real estate companies, first with Forest City Military Communities and then with Hunt Military Communities, where he was responsible for overall company strategy and financial performance, and for supervising the development, construction, management, and stakeholder relations associated with those companies' SFR housing portfolios, ultimately encompassing approximately 34,000 units owned and under management. Earlier real estate experience includes roles at ORIXReal Estate Equities, Inc. in Chicago and Birtcher Property Services in Laguna Niguel, CA. "Our ability to attract someone with John's operational and investment experience and passion demonstrates that our model resonates in the industry because we are meeting our dual objectives of providing quality homes and supporting resident resources for upward mobility as well as generating a return on capital for investors," said John Hope Bryant, Founder and Chairman of Promise Homes. "In getting to know John and seeing him interact with our staff, I know we have made an excellent choice to lead the company day-to-day in order to improve and oversee our growing portfolio of homes as well as the strong resident engagement and minority vendor programs that are the core of The Promise Homes Company." "Promise Homes' innovative offerings to its residents and their families, its commitment to creating pathways to homeownership as well as its transformative minority vendor program are becoming industry standard, so joining this company is an honor," said Mr. Ehle. "I look forward to working with John and the leadership team as we continue to prove that you can do well by doing good for all our stakeholders - including residents, the community and investors." Promise Homes provides residents with free financial literacy education and credit counseling through its partnership with Operation HOPE as well as unique financial incentives and programs to help residents pay rent, build credit and obtain mortgage commitments to transition from renters to homeowners. All Promise Homes residents who have enrolled in financial or credit counseling through Operation HOPE have improved their credit scores within 90 days of beginning the program. In addition to Promise Homes' credit score improvement and down payment assistance, the company's home sales program provides much needed homes in an extremely supply constrained environment - a key component of the company's commitment to supporting families struggling to obtain homeownership. Promise Homes is also committed to supporting local, minority- and women-owned businesses through its landmark Minority Vendor Program, which seeks to contract the majority of the company's repair, turn, and maintenance jobs to minority- and women-owned businesses through the program. About The Promise Homes Company Launched in May 2017, The Promise Homes Company is one of the largest minority-led managers of institutional-quality, single-family residential rental property in the United States, with a focus on CRA-eligible investments that preserve affordability in 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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