‘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
Speak easy and SprinkleSumSalt: Podcaster passes the mic to KC’s underground arts scene
Untold stories of creative talent and entrepreneurial spirit are raging beneath the surface of Kansas City’s mainstream, said Bump Jonas, who finds vibrant inspiration in musicians, chefs, and small business owners angling to reach a broader audience. “I wanted to bring something unique to Kansas City, a space where artists and entrepreneurs can connect and…
Social studies to social venture: Missouri teen’s micro business helps students across the globe
Editor’s note: The following story was produced through a paid partnership with MOSourceLink, which boasts a mission to help entrepreneurs and small businesses across the state of Missouri grow and succeed by providing free, easy access to the help they need — when they need it. ST. LOUIS — It wasn’t an entrepreneurship course that…
Small biz in Africa needs capital to grow; here’s how C2FO, World Bank member are bringing ‘much-needed liquidity’
A new strategic partnership between Kansas City-built C2FO and IFC, a member of the World Bank Group, is expected to enhance financing for local enterprises in Africa — bolstering job growth and economic prosperity in an underserved segment of the global market. “C2FO is honored and delighted to collaborate with IFC to broaden the global…
KC-brewed FairWave chases aromas east, adding Baltimore-area roaster to its coffee collective
Working with a larger, experienced leadership team and collaborating with new specialty coffee friends throughout the FairWave coffee collective will be a total game changer for Maryland-based Ceremony Coffee Roasters, said Ronnie Haas. Ceremony on Monday announced it had joined the family of brands under FairWave Specialty Coffee Collective, which is headquartered in Kansas City…