‘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
Critics challenge DEI as ‘immoral’; this VC has a message for those seeking equity for Black, Brown founders: We are not powerless
Pushing for equity in long-siloed industries might seem obvious to some, said Marcus Whitney, but advocates for change must remember that not everyone is on board — and some are actively working against level the playing field. “I hate to say it, but we have enemies,” Whitney told a crowd gathered Thursday at Vine Street…
Not excited about these 3 Downtown KC projects? ‘You need to have your pulse checked’
It’s never been a better time for businesses in Downtown Kansas City, shared Mike Klamm. “A lot of us are Kansas City natives, and if you’re not excited about where we are right now, I do think you need to have your pulse checked,” said Klamm, chair of the Downtown Council board and senior vice…
Donutology’s trolley adds new flavor to River Market with streetcar shop stop’s opening
Kansas City’s new treat trolley has arrived with Friday’s opening of the new Donutology donut shop within a 70-year-old repurposed streetcar in River Market. Just a few months after news broke that Donutology would take over the space at 426 Delaware St. — formerly a Made in KC micro location — the business opened its…
Acquiring company: Homebase’s KC team will make valuable workforce, leadership additions
Homebase’s acquisition by an industry leader in the smart home space this week gives its Kansas City team a greater voice in redefining the future of living, said Blake Miller, sharing details of what the exit means for the talent at his Crossroads headquarters. “We’ve created an entirely new category in an industry (real estate)…