‘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
Biotech startup’s $6.5M Series A expected to cultivate expanded workforce, research capabilities
Ronawk’s Bio-Block Universe has already revolutionized cell and tissue production, Tom Jantsch said, and the recent investment of $6.5 million is set to further research and development. “We have really changed the paradigm of how not only cell culture is done, but how researchers are able to scale. They can go from the bench, all…
J Rieger continues its international push, adding whiskey distribution to northern neighbors
Fresh off its win as the KC Chamber’s top international small business, J. Rieger & Co. announced its expansion into Nova Scotia — a milestone as the Kansas City-based distiller enters the Canadian market. “We are thrilled to bring our range of artisanal spirits to Canada for the first time,” said Ryan Maybee, co-founder of J.…
Mid x Midwest returning in November with renewed vision to connect KC founders, VCs
The pilot Mid x Midwest event in fall 2022 supported the idea that early-stage tech founders and investors are hungry for more conversations post pandemic, Dan Kerr and Maggie Kenefake shared, spurring the return of the invite-only meetup in November. “We both showed up that morning to Hotel Kansas City and we walked into the…
PrairieFood grows power of its micro-carbon ag solution with a pipeline of human connection
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. LAWRENCE — Entrepreneurship is all about networking, Robert Herrington said. “You never know where a pivot or direction is going to come from,” said Herrington, an early member of the Pipeline…