‘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
Ice rinks to skee-ball: Phase 1 of this massive sports entertainment complex opening in JoCo after 20 years in the works
Once completed: ‘You’ll come here for a three-day weekend and not see your car until you leave on Sunday’ With its highly-anticipated opening this weekend, a sprawling new sports and recreation complex in south Johnson County is expected to soon spark fights between parents over who gets to take their kid to the weekend tournament,…
Bill Nye: We’re all born scientists — most people just get distracted; here’s how the ‘Science Guy’ thinks critical thinking can make the world better
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, Kansas — Even with a looming (and divisive) election within weeks, the impacts of severe weather becoming more clear, and an increasingly uncertain future written within online algorithms, now…
Travois receives $35M in tax credits to boost economic development in Native communities
A fresh tranche of new markets tax credits is expected to help Crossroads-based Travois support the funding of projects in Native spaces, like school facilities and health clinics, said Phil Glynn. “New markets tax credits are an essential tool for filling funding gaps for projects in places with the greatest need,” said Glynn, president of…
Chef Ryan Edwards’ flame rises with new BBQ concept (in a familiar Lenexa space)
A new BBQ hotspot opened this week on Lackman Road, bringing a seasoned restauranteur’s latest concept — and the taste of distinctly Kansas City barbecue — back to his old grilling grounds. Sierra BBQ, a casual dining concept from chef-owner Ryan Edwards, debuted Tuesday in the former Johnson County space occupied by Edwards’ acclaimed Sierra…