‘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
Why coastal investors ignore the Midwest and what’s next for federal startup policy
Here are this week’s watercooler conversation-starters on why inland states struggle to find funding, coming issues in federal entrepreneurship policy and the success of innovation districts that are cropping up around the U.S. (and in Kansas City). More in this series here. International Business Times: Finding venture capital far from the coasts Of the $48.3…
Ebb and flow: The Kansas City Startup Village by the numbers
Startland News created an infographic on the growth and shrinkage of the Kansas City Startup Village since its 2012 founding. Here’s a colorful interpretation of its ebb and flow, as presented by Startland’s Kat Hungerford. Read more about the KCSV’s history, successes and possible future here.
Shawnee passes tax measure to attract startups
A tax incentive program that aims to attract high-growth startups to the City of Shawnee unanimously passed a city vote, paving the way for firms to tap a variety of benefits to alleviate initial costs. The city council voted 8-0 on the “Startup Workforce Relocation and Expansion Program,” which aims to encourage job growth and…
Animal health firms can now apply for key Kansas City investor forum
The Kansas City Animal Health Corridor is now accepting applications for its eighth-annual investor forum that brings together the top decision makers in the animal health industry. The forum — set for Aug. 30 — will welcome dozens of venture capital organizations from around the world and offer animal health companies the chance to score…