‘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
Joni Cobb and Pipeline took ‘a leap of faith’ that’s paying off
In 2006, Joni Cobb was busy coaxing Kansas business executives to apply for a program honing their leadership skills. Then a state-subsidized program, Pipeline would cultivate promising entrepreneurs that would tangentially grow the Sunflower State’s economy with their firms. Extolled as rigorous, the Pipeline sales pitch hit snags with its intensiveness and novelty. Skeptical entrepreneurs…
The Pipeline fellowship’s journey to the Emerald Isle in photos
In an educational adventure focused on finance and global business strategy, the Pipeline entrepreneurial fellowship program ventured across the pond for a week of relationship building. I tagged along not only to observe the experience — expect more on that front soon — but to capture some moments with my camera. This smattering of photos, which…
Kansas City startups flex pitch skills in national Kauffman contest
Four Kansas City area startups — and one Lawrence, Kan. firm — have qualified to the top 40 of Ewing Marion Kauffman Foundation’s 1 in a Million pitch competition. The competition offers those who have presented at 1 Million Cups in the last year a chance to snag a $25,000 prize. Hundreds of applicants — who…
Big Bang leverages smart city success, LaunchKC momentum
Editor’s note: This content is sponsored by LaunchKC but independently produced by Startland News. As Kansas City becomes a hotbed for smart city tech, one local startup is providing a spine for streamlined communication among the devices cities will leverage. Kansas City-based Big Bang’s Internet of Things software aims to work as the “central nervous…