‘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
Startup Weekend winners could have a billion-dollar solution for struggling taxpayers
Organizers of Missouri Startup Weekend predicted this year’s winner could be poised to be the competition’s next billion-dollar alumni. Solvtax presented the weekend’s winning pitch: a solution for avoiding financial implications through better business and personal property tax management. The idea struck a chord with entrepreneurs, founders, and CEOs in both the audience and judge’s…
KU spinout earns $180K+ in prizes at business plan competition; students going full-time with startup
LAWRENCE, Kansas — A sustainable engineering startup that emerged from the University of Kansas took fifth place in a recent business competition at Rice University in Houston, earning more than $180,000 in prizes and an opportunity to make history for the founders’ alma mater. Icorium Engineering, the first-ever team from Kansas to compete in the…
Coffee shop owner (and superhero super fan) pours himself into the pages of Darkmoon Comics
Mike Gladney might not be living in the Marvel or DC universes, but he is dwelling within the realm of his own dream world surrounded by comic books, he shared. Gladney — and his wife, Vania — own Comic Coffeehouse in Olathe, and now he’s also the editor-in-chief for Kansas City-based Darkmoon Comics. “I’m doing…
Tax service wins Missouri Startup Weekend as entrepreneurs embrace ‘building great stuff’
Editor’s note: This story was originally published by Missouri Business Alert, a member of the Kansas City Media Collective, which also includes Startland News, KCUR 89.3, American Public Square, Kansas City PBS/Flatland, and The Kansas City Beacon. Click here to read the original story. COLUMBIA, Missouri — St. Louis natives David Beach and Bryan Edelman won Missouri Startup…