‘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
Fund me, KC: Hidden Abilities offers high-tech pen to topple dyslexia
Startland News is continuing its segment to highlight area entrepreneurs’ efforts to accelerate their businesses. This is an opportunity for entrepreneurs — like Hidden Abilities co-founders Payden and Jamee Miller — to share their stories to gain a little help from their supporters. Back Hidden Abilities’ product here. Who are you? Jamee Miller and Miller, co-founders of Hidden…
The Lean Lab fellows PledgeCents, Class Tracks win $25K
The Lean Lab’s education incubator program culminated Thursday evening with Launch[ED] Day, a demo day which saw two education startups walk away with $25,000 grants. Established in 2013, The Lean Lab seeks to build Kansas City into a world-leader in education innovation. The incubator’s five summer fellows each pitched their business at the demo day.…
Events Preview: Public Relations for Entrepreneurs
There are a boatload of entrepreneurial events hosted in Kansas City on a weekly basis. Whether you’re an entrepreneur, investor, supporter or curious Kansas Citian, we’d recommend these upcoming events for you. WEEKLY EVENT PREVIEW The Marketing Series: Public Relations for Entrepreneurs When: October 5 @ 11:00 am – 12:30 pm Where: Sprint Accelerator Learn more about…
Meet Kansas City’s ‘data experts in coffee,’ PerfectCube
Editor’s note: This content is sponsored by LaunchKC but independently produced by Startland News. Kansas City’s flourishing independent coffee roaster market has brewed opportunity for a duo of entrepreneurs. Mark Calhoun and Jim Starcev co-founded the big data platform PerfectCube in 2015. And although the platform is a viable analytics solution for any retailer, the…