‘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
These brothers SMOAK’d gameday concepts at Kauffman, Arrowhead; now their craft BBQ, burritos are delivering downtown
A popup business that launched stadium-based concepts alongside two of Kansas City’s biggest sports teams will now be serving its popular handcrafted barbecue and burritos from an East Crossroads-based hub for ghost kitchens. SMOAK Burritos and SMOAK To-Go — the latest ventures from brothers Cade and Seth Colson’s SMOAK Craft Barbecue+ — open today at…
Report: Missouri startups continue hiring surge, creating 40K+ jobs in every corner of the state
Editor’s note: KCSourceLink and MOSourceLink are non-financial, community partners of Startland News. Missouri startups across the state created 40,169 jobs in 2022, according to the latest data, nearly matching the surge in the number of jobs they generated in 2021. Taking into consideration the number of employees these same firms hired in 2018 and in…
Vytelle expands hoofprint for its cattle IVF tech ‘closer to home,’ opening lab in Kearney, Nebraska
A new lab space for Kansas City-based Vytelle is expected to help the precision livestock startup increase regional accessibility to modern reproduction technology and enable the possibility of fresh embryo transfers for producers across the Midwest, said Kerryann Kocher. Vytelle — the fastest-growing in vitro fertilization (IVF) company — on Monday announced the opening of…
Now serving foodpreneurs: KC conference dishes out 30+ sessions for new, growing food businesses
Launching a food business comes with unique challenges, Xander Winkel shared, and the Mid-Continent Public Library has partnered with several local organizations to help those specialized entrepreneurs find their recipe to success. The Food Business Conference — free workshops, panel discussions, and networking opportunities for “foodpreneurs” that are offered in partnership with the library, Kansas…