‘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
Pitch competition at GEW Topeka puts $38K on the line for women, entrepreneurs of color
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. TOPEKA — Building an equitable business community in Shawnee County is critical to economic development in and around the state’s capital city, said Glenda Washington. A pitch competition slated for…
KC lawmakers backing legislation to boost re-entry for veterans becoming entrepreneurs
Veterans who return to the workforce as entrepreneurs face unique challenges when exiting full-time military life, said Brian Newton. A bipartisan push by two members of Kansas City’s delegation to the U.S. House could ease the transition for veterans-turned-small business owners. “My father was a career Marine and I served for a decade myself, with…
PayIt on board the Harriet II, Montgomery Zoo; new portal offers ticketing for popular local attractions
A new digital platform designed by Kansas City-based PayIt not only provides improved interactions between residents of Montgomery, Alabama, and their local city government — the tool also offers ticket sales for some of the region’s most popular tourist attractions. PayIt — with headquarters in downtown Kansas City’s lightwell building — already boasts partnerships with…
These three KC startup founders are jumping into the Dolphin Tank, hoping to swim with the unicorns
When the Dolphin Tank pitch showcase sinks its teeth into a market like Kansas City, the goal is to accelerate women-led tech companies to a national level, said Rachel Rong. “Our mission is to build out the ecosystem and support women entrepreneurs in Kansas City,” said Rong, the director of operations for Springboard Enterprises, which…