Promise Development
Promise Development Corporation is a Memphis-based non-profit community development corporation founded in 2000 that develops, owns, and manages affordable rental and for-sale housing plus workforce and community development programs serving low-income residents across a three-county footprint in North Memphis.
- Company typePrivate
- Founded2000
- HeadquartersMemphis, United States
- Headcount11–50
- GTM typeB2C
- OfferingServices
What Promise Development does
Promise Development Corporation is a non-profit community development corporation (CDC) headquartered in Memphis, Tennessee, founded in 2000 and now operating under its current name following a 2014 rebrand from Nehemiah CDC. The organization develops, owns, and manages affordable rental and for-sale housing and runs complementary community, workforce, and economic development programs. Its mission focus is North Memphis and surrounding communities, with an operational footprint spanning three counties. The portfolio currently includes the 117-unit LIHTC-financed April Woods Apartments, plus Harmony Woods, Idlewild, Estival Place, and Presley Place, alongside scattered-site single-family rentals and for-sale homes built near KIPP Memphis charter schools, totaling roughly 200 affordable housing units across owned and partner properties.
The underlying operations combine traditional community development real estate (LIHTC syndication, CHDO-financed new construction, scattered-site acquisition/rehab) with case-management-style community services. Technology use is limited to commodity property management software, notably RentCafe for tenant rent payments, with no proprietary platform or significant internal engineering function.
The revenue model is a non-profit mix of government grants (HUD, THDA, CHDO HOME, and HUD McKinney-Vento funding), individual and institutional donations (including a $100,000 award from Community LIFT / River City Capital in 2018), rental income from owned affordable housing, modest property management fees, and service contracts. FY2018 disclosed annual budget was approximately $2.4 million against $4 million in net assets, supported by 18 full-time staff. Cornelius "Corny" Sanders has served as Executive Director since 2004.
Promise Development firmographics
Firmographics- Name
- Promise Development
- Legal name
- Promise Development Corporation
- Website
- https://pdevcorp.org
- Company type
- Private
- Founded year
- 2000
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Promise Development Corporation is a Memphis-based non-profit community development corporation founded in 2000 that develops, owns, and manages affordable rental and for-sale housing plus workforce and community development programs serving low-income residents across a three-county footprint in North Memphis.
- Ownership category
- akta.pro rank
Promise Development industry classification
Industry- Product category
- Affordable Housing Services
- NAICS
- Civic and Social Organizations (813410), Grantmaking and Giving Services (81321)
- SIC
- Land Subdividers & Developers (No Cemeteries) (6552), Services-To Dwellings & Other Buildings (7340)
- akta.pro primary industry
- Affordable Housing & Community Development (Housing, Community Land Trusts) (BPAGALAC)
- akta.pro secondary industries
- Residential Affordable Housing Development & Construction (IMAFABAI), Community Centers & Neighborhood Support Services (BPAGAEAL), Community Development & Neighborhood Revitalization Housing Programs (FSALAKAO)
Keywords
Where Promise Development is headquartered
LocationHeadquarters
- HQ city
- Memphis
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Promise Development business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D
Revenue model
- Government Grants: Receives funding from federal and state housing programs including HUD McKinney-Vento Homeless funds, THDA programs, and City of Memphis CHDO HOME Program to provide affordable housing and supportive services.
- Donations: Accepts charitable donations from individuals, foundations, and corporate partners to support housing development and community programs.
- Property Management Services: Manages apartment complexes and housing units including April Woods Apartments, Harmony Woods, Idlewild Courts, and Estival Place, generating revenue through rental operations.
- Service Contracts: Provides property management, landscaping, and maintenance services through contracts with small businesses and partnerships.
Go-to-market motion1 record
Distribution channels3 records
Marketing channels5 records
Promise Development product offering
Product offeringCore offering
Promise Development Corporation is a Memphis-based nonprofit community development corporation that develops, owns, and manages a portfolio of affordable rental housing properties, including the 117-unit April Woods Apartments (a Low-Income Housing Tax Credit development) and additional multifamily sites such as Harmony Woods, Idlewild, Estival Place, and Presley Place. The organization complements its housing operations with a Permanent Supportive Housing Program, workforce development services, community development initiatives, and economic development programming aimed at low-income and homeless residents of North Memphis.
Product overview
Promise Development Corporation operates a portfolio of multi-family housing properties and community development programs in North Memphis. The core offering consists of affordable housing properties including April Woods Apartments (117-unit LIHTC property), Harmony Woods Apartments, Idlewild Apartments, Estival Place, and Presley Place. Supporting services include Permanent Supportive Housing (40 units for chronically homeless individuals via HUD McKinney-Vento funds), workforce development programs with life skills training and job placement assistance, community development initiatives through tenant associations and events, and economic development services including property management and landscaping. A RentCafe-powered payment portal enables tenant rent payments. The organization functions as both a housing provider and community development entity, with programs focused on housing, education, workforce, and economic development across Memphis communities.
Differentiator
Problem solved
Functional benefit
Products and services
- April Woods Apartments
Quantifiable outcome
- Increased April Woods occupancy from 58% to 97%
- +2 more outcomes
Companies that use Promise Development
Customer profileNamed customers4 records
Segments4 records
Promise Development technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
Promise Development partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core and minor.
- Hope Presbyterian Churchcore6,000-member congregation partnering with Promise since 2001 through Urban Ministry for community development in North Memphis. Provides volunteer services through GO & DO weekends and ongoing support.
- MIFAminorMetropolitan Inter-Faith Association providing services in Memphis area, maintaining partnerships in housing community.
- KIPP: Memphis SchoolsminorEducational partner in North Memphis community, with elementary and high school serving 500 students near Promise housing developments.
- Community Alliance for the Homeless (CAFTH)coreNonprofit coalition organizing the annual Point-In-Time homeless count and coordinating ending homelessness initiatives in Memphis/Shelby County. Lead agency for 100,000 Homes Campaign locally.
- Oasis of Hope CDCminorCommunity development corporation partnering with Promise for community events including National Night Out and neighborhood initiatives.
Scale indicators6 records
Recent moves16 records
Expansion highlights4 records
Promise Development competitors and assessment
Company assessmentEmerging players
- Community Alliance for the Homeless (CAFTH): CAFTH is the lead agency coordinating homeless services and the Point-In-Time count across Memphis/Shelby County, and a core strategic partner of Promise Development. Although more a coalition/funder than direct housing operator, its central role in the regional homeless response ecosystem makes it a critical comparable.
Direct peers
- Mercy Housing: Mercy Housing is a national nonprofit that develops, owns, and operates affordable rental housing, including supportive housing for vulnerable populations. Promise Development's model of LIHTC-financed multifamily rental properties with wraparound services closely parallels Mercy Housing's approach.
- Habitat for Humanity International: Habitat for Humanity is the largest nonprofit affordable housing developer in the U.S., building and rehabilitating homes for low-income families. Promise Development follows the same nonprofit affordable housing construction model at a regional scale, with similar reliance on volunteer labor, donations, and government partnerships.
- The Community Builders: The Community Builders is a national nonprofit developer and owner of affordable multifamily housing with mixed-income and supportive housing components. Promise Development's general-partner role on April Woods Apartments and broader LIHTC-supported portfolio reflects an analogous operating model.
- Brinshore Development: Brinshore Development is a nonprofit affordable housing developer specializing in LIHTC-financed multifamily rental properties, including permanent supportive housing. Promise Development's April Woods and Harmony Woods portfolios align closely with Brinshore's product and underwriting approach.
Broad incumbents
- Enterprise Community Partners: Enterprise Community Partners is one of the largest national community development nonprofits, combining affordable housing development with community stabilization, capital deployment, and policy advocacy. Promise Development operates as a smaller-scale version of Enterprise's local partner network, addressing similar housing and community development challenges.
- Local Initiatives Support Corporation (LISC): LISC is a national nonprofit CDFI supporting local community development organizations through capital, grants, and technical assistance. Promise Development's receipt of LISC-style infrastructure (HUD, THDA, Community LIFT grants) and program delivery model places it firmly within the LISC network as a local community development corporation.
- Salvation Army Memphis: The Salvation Army operates emergency shelter, transitional housing, and supportive housing programs nationally and locally in Memphis. Promise Development's permanent supportive housing and rapid re-housing services address overlapping client populations within the same regional homeless services system.
- Volunteers of America: Volunteers of America is a large nonprofit operating affordable and supportive housing programs across the U.S., alongside workforce and human services. Promise Development's focus on chronically homeless individuals with disabilities under McKinney-Vento mirrors VOA's permanent supportive housing model at a regional scale.
Regional players
- Metropolitan Inter-Faith Association (MIFA): MIFA is a Memphis-based nonprofit providing housing, utilities assistance, and senior services in the same market as Promise Development. MIFA is also a direct partner organization, providing services across the Memphis housing ecosystem, making it a strong regional comparable.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Promise Development social profiles
Digital presencePromise Development financial estimates
Financial estimateRevenue estimate
Valuation estimate
Promise Development leadership team
Management profileNumber of profiles
Profiles7 records
Promise Development funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Promise Development M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Promise Development
What does Promise Development do?
Promise Development Corporation is a Memphis-based nonprofit community development corporation that develops, owns, and manages a portfolio of affordable rental housing properties, including the 117-unit April Woods Apartments (a Low-Income Housing Tax Credit development) and additional multifamily sites such as Harmony Woods, Idlewild, Estival Place, and Presley Place. The organization complements its housing operations with a Permanent Supportive Housing Program, workforce development services, community development initiatives, and economic development programming aimed at low-income and homeless residents of North Memphis.
Is Promise Development a public or private company?
Promise Development is a private company. It is classified as nonprofit foundation owned and is currently operating.
When was Promise Development founded?
Promise Development was founded in 2000. It employs 11 to 50 people.
Where is Promise Development based?
Promise Development is headquartered in Memphis, United States, in the North America region.
How does Promise Development make money?
Four revenue lines are on record. Government Grants are the primary driver. The others are donations, property Management Services and service Contracts.
Who are Promise Development's main competitors?
Community Alliance for the Homeless (CAFTH) is listed as an emerging player. Direct peers are Mercy Housing, Habitat for Humanity International, The Community Builders and Brinshore Development. Broad incumbents are Enterprise Community Partners, Local Initiatives Support Corporation (LISC), Salvation Army Memphis and Volunteers of America. Metropolitan Inter-Faith Association (MIFA) is listed as a regional player.
Does Promise Development have an API?
No public API is recorded for Promise Development.
What industry is Promise Development in?
Promise Development's product category is Affordable Housing Services. Its primary akta.pro industry code is BPAGALAC, Affordable Housing & Community Development (Housing, Community Land Trusts), with a secondary code of IMAFABAI, Residential Affordable Housing Development & Construction. Its NAICS code is 813410 and its SIC code is 6552.