‘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
AltCap launches small business competition in KC
After a recent rebrand, Kansas City-based AltCap is back with a new small business competition aimed at local entrepreneurs. AltCap program manager Christine Kahm said their first program is seeking to aid those businesses who aren’t looking for venture capital funds or angel investors, but who do need help getting their business idea off of…
Popular ScaleUp! KC program welcoming area applicants
ScaleUp! Kansas City is now accepting applications from area entrepreneurs that hope to boost their businesses through mentorship and a strong network of peers. The program, which is now in the midst of its second class, welcomes about 15 businesspeople that aim to push their firm’s revenue past $1 million annually. ScaleUp! KC connects entrepreneurs…
5 KC startups make national contest
Kansas City is well represented in a national competition in which startups have a shot at winning $10,000. Five Kansas City companies were recently announced among 40 contestants in the Ewing Marion Kauffman Foundation’s “One in a Million” competition. The competition, which received 377 applicants, challenges startups that have presented at the foundation’s 1 Million…
Angel investors recommit to KC with new fund
A new micro venture investment fund launched in Kansas City last week is targeting local, regional and national technology and science startups for funding. The fund, run by Angel Capital Group, is targeting $1 million to $5 million in capital to invest. This isn’t ACG’s first funding effort in Kansas City. The organization has a…