‘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
Scavenger hunts and happy hours: 5 featured Techweek events
With Techweek Kansas City quickly approaching and expecting more attendees than ever, it’s time to start pulling out calendars to decide events to hit up. Startland picked a few events off the list that stand to wet the whistle of any techie or entrepreneur. The full schedule is here, which Techweek is expected to expand…
Silicon Valley vet Jason Anderson makes a game out of data collection
As a 4-year-old, Jason Anderson was captivated by the Atari classic Pong. He gawked at the game for hours after his dad brought one home in 1978. Four years later, he was so inspired by Pong that he decided to create his own game — a text adventure on the family’s Timex Sinclair 1000. Anderson…
Compute Midwest named top national tech conference
Consistently attracting futurists and tech leaders from around the U.S., Compute Midwest recently was named a national tech conference that shouldn’t be overlooked. Inc. Magazine included the annual, Kansas City-based conference on its “Top Tech Conferences You Can’t Miss This Fall” list, noting the event’s traditionally strong lineup of speakers. Presented by the Disruption institute,…
Dozens of skyrocketing KC firms break into the Inc. 5000
Kansas City held its own on Inc. Magazine’s annual ranking of the nation’s fastest-growing, private companies. The Wednesday unveiling of the Inc. 5000 featured 44 metro firms — including several area tech firms, like k12itc and Rhythm Engineering. K12itc, which in January made Startland’s 2016 top 10 startups to watch, delivers cloud-based IT services to…