‘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
Area experts dive into uncertainty and hope for immigrant entrepreneurship
Now more than ever, it’s important for the community to come together to gain new perspectives. That notion was a driving force behind the February Innovation Exchange in which Startland News dove into the subject of immigration and entrepreneurship. Hosted in partnership with Think Big, the event welcomed a researcher and a policy expert from…
Listen: KC immigrant entrepreneurs share their stories
In light of recent news, Startland News focused this month’s Innovation Exchange on the intersection of immigration and entrepreneurship. U.S. immigration policy has a profound impact not only on society but also the nation’s entrepreneurial vibrancy, which prompted a discussion including a researcher and policy expert, a local immigration attorney and pair of immigrant entrepreneurs.…
KC cartoonist captures conversation on immigration and entrepreneurship
Tucked amid a crowd of about 80 people at Think Big Partners Tuesday, Kansas City artist Jasur Rakhimov swiftly sketched a conversation unfolding before him on immigration and entrepreneurship. A cartoon-style artist, Rakhimov stopped by Startland News’ fifth Innovation Exchange that focused on immigration and entrepreneurship to not only share his talents but also to…
MusicSpoke changes the tune of the sheet music industry
No matter your level of musical expertise, it’s no doubt you’ve touched a piece of sheet music — whether at church, in school or just for fun. “Music touches everybody’s lives,” said Jennifer Rosenblatt, co-founder of MusicSpoke. “If you didn’t grow up singing or playing an instrument, you have children who did or nieces and nephews. You…