‘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
Roz audits its path to $2.15M in early funding; how KC helped this AI startup scale its potential
A series of funding wins is boosting a Kansas City startup’s efforts to automate the most complex — and tedious — parts of compliance work, drawing from the co-founder’s own pain points and resources from a server-full of local entrepreneur support initiatives. With $2.15 million in funding under its belt so far, Olathe-based Roz — which…
KC GIFT launches ‘Vibe the City’ passport to showcase Black-owned arts, entertainment venues
A newly published mini-guide to Black-owned arts and entertainment venues across Kansas City is expected to push community members deeper into the metro’s rich Black business ecosystem, said Brandon Calloway, highlighting a range of cultural and nightlife destinations. “Vibe the City” passports are available now at the G.I.F.T. Business Center at 5008 Prospect Ave.,…
Trially secures $4.7M seed round, launches ‘Margo’ AI solution to clear patient bottleneck
A Kansas City startup’s AI-first platform is expected to save time — and patient lives — thanks to a successful seed round for its clinical trial recruitment tech, explained Kyle McAllister, noting his startup’s solution could help speed up access to treatment by years. Trially, one of Startland News’ 10 Kansas City Startups to Watch in…
She scored music on Netflix and LA’s star-studded stages; now BodaciousThang is getting vulnerable in KC
When Cheyenne Jolene steps on stage in the shoes of her alter ego, the singer-songwriter’s voice carries both raw emotion and unapologetic truth. Performing as BodaciousThang, Jolene blends R&B, hip hop, rock, and soul into what she describes as “genre bending” music. Her songs are steeped in authenticity and storytelling, offering listeners intimate glimpses into…