‘First-of-its-kind’ AltCap investment pool aims to transform Kansas City’s urban blight
August 27, 2018 | Startland News Staff
With more than 5,000 blighted homes and vacant lots, Kansas City’s urban core might soon see some help thanks to new AltCap investment pool.
AltCap, a Kansas City-based community development financial institution, has partnered with Legal Aid of Western Missouri and Stinson Leonard Street to create a fund that’s focused on rehabilitation of housing in Kansas City’s urban core. The effort already has raised $305,000 from local investors and the First Federal Bank of Kansas City.
The “first-of-its-kind partnership” will provide title clearing services and loans to rehabbers restoring abandoned homes in the urban core, said AltCap president Ruben Alonso III. AltCap will manage the funds, underwriting and services loans to rehabbers that are working in partnership with neighborhood associations, he added.
“The short-term loans will be used to hire laborers, contractors, plumbers, electricians and other construction trades, creating local jobs and supporting economic activity, while revitalizing homes and neighborhoods in the urban core,” he said.
Abandoned homes often attract crime, reduce property values and diminish the quality of life for people who live in the area, AltCap said. The KC Social Investment Pool helps revitalize urban core neighborhoods by providing the funding to allow rehabbers to turn blighted properties into quality homes for working, low-income families.
The 29 neighborhoods that are eligible for the program include:
- Scarritt
- Indian Mound
- Lykins
- Independence Plaza
- East 23rd St. PAC
- Blue Valley
- Sheffield
- Washington Wheatley
- Key Coalition
- Santa Fe
- Mount Hope
- Boston Heights
- Ivanhoe
- Oak Park
- Palestine
- Vineyard
- 49/63
- Blue Hills
- Town Fork Creek
- Mt. Cleveland
- Swope Parkway / Elmwood
- Marlborough East
- Marlborough West
- Tri-Blenheim
- Neighborhoods United for Action (NUFA)
- Ruskin
- Forgotten Homes
- Manheim Park
For those interested in learning more, AltCap and Legal Aid are hosting a workshop at 11:30 a.m., Thursday, Sept. 13 at the Seton Center, 2816 E. 23rd St., Kansas City, MO 64127. Additional information is available at www.alt-cap.org/home-rehab or by contacting Davin Gordon, AltCap business development officer at davin@alt-cap.org
Featured Business
2018 Startups to Watch
stats here
Related Posts on Startland News
More than 17K people expected for the biggest KC Maker Faire yet
For children, hardly a day goes by without the experience of arts, crafts, show and tell, building blocks or tinkering with toys. But in Kansas City, that young-at-heart spirit of creativity doesn’t have to be forgotten. In fact, it’s rekindled each year in a public outpouring at Union Station. On June 24 and 25, thousands…
Meet the five area startups partnering with KCMO to drive innovation
A quintet of startup firms are working with the City of Kansas City, Mo. as part of its Innovation Partnership Program. Launched in 2015, IPP pairs area startups with city departments to not only identify new efficiencies but also offer the firm a chance to earn business with the city. After being designated a department…
KC entrepreneurial leader Wullschleger becomes new WeWork director
Before its doors even open, WeWork is making significant inroads to the area entrepreneur community. The international coworking giant — which announced plans to create a 40,000-square-foot space in Kansas City in March — has hired Erik Wullschleger to become its community director. Most recently the director of LiveKC and previously general manager of the…
Wide Ruled: The future of Kansas schools with education commissioner Randy Watson
Editor’s note: In partnership with the Wide Ruled podcast hosted by Brainroot Light and Sound, Startland News hopes to offer its audience more avenues to learn about innovators in Kansas City. Opinions expressed in this commentary are the author’s alone. Wide Ruled is a Kansas City-based podcast focused on equality in education. Each episode showcases a…