As the cost of living becomes increasingly more and more expensive, many low-income residents are struggling to keep their homes in the places where they grew up. Neighborhoods once deemed undesirable are now seeing drastic changes. According to reports, almost 20% of neighborhoods with low-income residents and increasing home values have experienced gentrification.
For major cities like New York City and San Francisco, the soaring costs of rent have made living in these places unaffordable, forcing many to leave and changing the makeup of historical neighborhoods. This shift has caused radical changes in the socio-economic makeup of places, erasing local cultures in the process. One entrepreneur decided to create an investment company to help long-time residents keep their homes in gentrifying neighborhoods in Texas.
Towanda C. Hammonds is the CEO and founder of Creative Financial Investments L.L.C., a real estate investment company based in Dallas, which helps homeowners who are in distress to get the relief and finances they need. Hammonds works to rehabilitate low-income communities affected by gentrification by purchasing and renovating properties to increase value to homes while redeveloping the entire neighborhood. Her objective is to create affordable and charming homes for local residents who don’t want to be priced out of their community.
The company focuses on providing easy solutions to help homeowners struggling to keep up with their mortgage and housing expenses, helping customers avoid foreclosures and homelessness in the process.