Following the example of the Kalamazoo Promise initiated in 2005, place-based "Promise" scholarship programs have proliferated over the past 8 years. These programs guarantee money towards the costs of attendance at selected colleges and universities provided that a student has resided and attended school within a particular public school district continuously for at least four years prior to graduation. While some early programs have been studied in isolation, the impact of such programs in general is not well understood. In addition, although there has been substantial (and controversial) variation from the original program's design, there is no direct evidence on how outcomes vary along with these design choices. Using data from multiple Promise sites, we adopt a difference-in-difference approach to compare the evolution of both school enrollment and residential real estate prices around the announcement of these programs within affected Promise zones and in surrounding areas. Taken together, our estimates suggest that these scholarships have important distributional effects that bear further examination. In particular, while estimates indicate that public school enrollment increases in Promise zones relative to surrounding areas following Promise announcements, schools associated with merit-based programs experience increases in white enrollment and decreases in non-white enrollment. Furthermore, housing price effects are larger in neighborhoods with high quality primary schools and in the upper half of the housing price distribution, suggesting higher valuation by high-income households. These patterns lead us to conclude that such scholarships are primarily affecting the behavior of already advantaged households.