‘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
Chatterbox speaks the language of reluctant learners: games featuring global cast of AI tutors
Startland News’ Startup Road Trip series explores innovative and uncommon ideas finding success in rural America and Midwestern startup hubs outside the Kansas City metro. WICHITA — A Kansas-built language-learning app takes a gamified approach to fluency — inspired by travel and the simple joys of players feel when competing in traditional board games, said…
Hella Good lunar launch party celebrates KC’s rising Asian culture, bringing ancestors to the night market
Béty Lê Shackelford hopes Hella Good Deeds — the nonprofit sister organization of the popular Vietnamese coffee shop Cafe Cà Phê — makes members of Kansas City’s Asian community feel held and hugged, she said. “Hella Good Deeds is here; we love you; and we’re really open to collaboration,” explained the founder and executive director…
Husband-wife culinary duo among 8 KC bars, restaurants named James Beard semifinalists
Editor’s note: The following story was published by KCUR, Kansas City’s NPR member station, and a fellow member of the KC Media Collective. Click here to read the original story or here to sign up for KCUR’s email newsletter. Many of Kansas City’s best-regarded culinary luminaries are represented in the nominations, including The Town Company and Chewology; But the list…
The Black Pantry’s new retail-coffee spot is far from copy and paste, owner says; offers fresh taste of Good Karma
A new store on Gillham Road fuses retail and coffee culture, creating what Brian Roberts calls an “elevated Black coffee space” that moves beyond the transactional nature of traditional coffee shops. “I like my store concepts to be a representation of me,” Roberts told Startland News. The shared space at 3134 Gillham Rd. blends The…