‘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
Pulling $250K in annual sales and ready to scale? This KC cohort could take your small biz to the next level
As many as 20 local entrepreneurs and business owners could be selected for the latest game-changing program from ScaleUP! Kansas City. The key to getting in: proven revenue and a market ready for their supercharged ventures. ScaleUP! Kansas City — built within the UMKC Innovation Center — is now accepting applications for its no-cost cohort,…
‘It’s OK to start small’: She knew nothing about decorating cookies; a year later this baker quit her full-time job to scale up
Karissa Todd has taken a family recipe, added in a little hard work and dedication, and baked it into a thriving sugar cookie business, she shared. After launching Cookie Bliss KC out of her house in 2018, Todd opened a storefront in the Northland, 3518 Northeast Vivion Road, in November, selling her signature soft sugar…
KC BioHub leaders refining plan after $75M Tech Hubs proposal fails initial test
A massive regional initiative to secure federal funds for Kansas City’s burgeoning Tech Hub failed to win approval, BioNexus KC officials announced Tuesday, with advocates lauding organizers’ efforts and pledging to continue their push. The KC BioHub was seeking funding Phase II funding from the Economic Development Administration (EDA) Tech Hubs competition — a process…
R/Farm Distilling Co. goes against the grain to create opportunity in rural MO
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. The Rosier family has farmed on the same land…