‘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
KC’s sports business icons joining the roster for Junior Achievement Hall of Fame
A Super Bowl win and the NFL Draft turned Kansas City into a sports haven, said Megan Sturges Stanfield, so it’s only fitting that the latest laureates to join Junior Achievement’s Business Hall of Fame reflect not only a passion for athleticism and their hometown — but translating opportunity into entrepreneurial success. Among the new…
Wave of anti-trans bills in Midwest could turn founders (and their businesses) into political refugees fleeing MO, KS
At 50, Suzanne Wheeler never imagined her government would propose legislation to take her health care away, she shared. In April, Missouri Attorney General Andrew Bailey announced a plan to issue emergency rules on transgender care. The regulations would make Missouri the first state to severely restrict transgender care for adults, in addition to children.…
Wild Way gets its big fika break: KC’s perkiest coffee camper parks a starring role on Peacock series
Seeing her coffee camper featured on the Peacock series “The Gentle Art of Swedish Death Cleaning” is a wild and surreal experience, Wild Way Coffee owner Christine Clutton shared. On top of offering a caffeine boost for the production crew of the series — which debuted at the end of April on NBC’s streaming platform…
KCK startup joins Tulsa Techstars, building toward expected $1.2M funding round
Another Kansas City startup is headed for entrepreneurial resources in Oklahoma with Foresight Reporting’s just-announced acceptance into The Build in Tulsa Techstars Accelerator. “We’re very excited to not only be embedded in the Tulsa entrepreneurial ecosystem, but also in its rich culture and history,” said Jannae Gammage, CEO and co-founder of Kansas City, Kansas-built Foresight.…