‘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
Smart City board discusses data privacy concerns, kiosks’ content
Creating value for citizens and openness to adaptive but privacy-conscious data policies were at the forefront of Kansas City’s Smart City board meeting Monday morning. About 20 people attended the year’s final meeting of the Smart City Advisory Board, which was formed in August to guide the $15.7 million, public-private tech project in downtown Kansas…
Fund Me KC: Lume Lifestyle
Who: Waira Mungai, Founder and CEO of Lume Lifestyle What: Lume Lifestyle is a lifestyle brand, aiming to merge fitness, fashion and technology. We invented a new product called “Lume Smart Leggings.” They feature a patent pending pocket that has been specifically designed for smartphone interaction. Our pocket has a special mesh that offers touchscreen functionality. It is…
One of Helzberg’s greatest ideas was resurrected from the trash
As charismatic as he is ornery, Barnett Helzberg recently charmed a few dozen entrepreneurs as part of Startup Grind Kansas City. Formerly CEO of Helzberg Diamonds, Helzberg shared with attendees an array of entertaining stories while leisurely pacing the stage and sipping a Boulevard Wheat beer. Here are a few of the stories he told.…
‘Do I have to introduce myself?’ Meet Startland News’ new managing editor
Allow me to introduce … myself. My name is Kat Hungerford, Startland News’ new managing editor. As I type this, I’m sitting at a trendy desk in Village Square Coworking Studio at the heart of the Kansas City Startup Village, and I’m still astonished that I somehow wandered into what I’m quickly discovering is that…