‘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
Don’t sleep on Kansas City: How this Killa collab draws out KC’s ‘Little Villains’ at just the right season
Drafted from creativity in the Crossroads, a hand-sketched character inspired by Kansas City’s rising national profile (and the familiar personalities behind it) is now finding fans on and off the field … well, lawn. “The Killa” — a football player repping No. 87 — has made the leap from team yard decorations to a starring…
Disney preservationists launch $4M campaign, add key collaborators to save iconic animator’s KC studio
The legacy of Walt Disney’s foundational time in Kansas City — and the structure the famed animator left behind on Troost Avenue — must be preserved frame by frame, said supporters of an ambitious redevelopment project at the former Laugh-O-gram Studios. A newly launched “Dreams Start Here” campaign aims to secure a future for the historic…
His family-fried waffle spot is open for cheat day (but not breakfast); How Dennis Alazzeh played chicken with restaurant trends and won
Kansas City-battered Chick-In Waffle is expanding into Johnson County; its owner — a son from within Jerusalem Cafe’s founding family — gives the classic American chicken-and-waffle combo a global twist with flavors like Asian chili, tikka masala, and queso After slogging away in his father’s restaurants while in school, Dennis Alazzeh swore off the industry…
Theater’s $8.7M rehab set to bring Black Movie Hall of Fame, Black Rep to KC’s ‘cultural corridor’
A century after the storied structure’s construction, an $8.7 million redevelopment project at the Boone Theater in Kansas City’s historic 18th & Vine Jazz District aims to recapture the space’s potential as a cultural hub for the community — and a bridge to the city’s history. The long-awaited project at 1701 E. 18th St. is…