‘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
This Dirt Beast works the soil for $2 an hour; why harvesting joy from his urban farm fills the bag
Rows of peppers, tomatoes, eggplant, and other vegetables now grow where more than a dozen Kansas City lots once sat vacant. The essence of Dirt Beast Farm is seeded in this soil, creating the ecosystem through which Jameson Hubbard has spent nearly a decade turning open land into food, flowers, and a space for neighbors…
CoBuild founder razes his social venture; now he’s banking its mission’s success on a new blueprint
Closing his startup CoBuild was bittersweet for Tate Williams, but the mission that drove the company isn’t going away. Instead, he’s carrying it forward in a new role at the Central Bank of Kansas City. Williams officially shut down CoBuild this January. The construction startup, launched in 2018, had built a reputation for opening doors…
ATHENA honorees: Lifting up the next generation elevates us all; give them a reason to dream
When women lead, communities rise, Dana Foote said, lifting up two ATHENA award winners whose work in Kansas City has created outcomes more meaningful than mere professional success: “the ripple effect of leadership.” “And I see that in the room tonight,” continued Foote, national managing partner of audit operations for KPMG, sponsor of the Greater…
Photos: Folklore transformed this rooftop for one-night; its $100K impact on small biz lasts even longer
A packed rooftop event that started five years ago as a small gathering among friends has grown into a sold-out celebration that not only highlights music, food, and tradition, but also invests back into local nonprofits and entrepreneurs, said Luis Padilla, founder of Folklore and its popular small business grant program. “That balance of culture…