‘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
Pitching in: Meet the founders tapped for Launch KC’s second Social Venture Studio
Seven social ventures from Kansas City and beyond are joining the second cohort of LaunchKC’s newest entrepreneur-focused initiative — a program that specifically supports founders working to solve social, racial or environmental problems. The startups selected for the Social Venture Studio, powered by LaunchKC, were revealed Wednesday afternoon at the Keystone Community Corporation’s event space…
Maker featured in NBC series says ‘death cleaning’ opened his eyes to grief without guilt
Godfrey Riddle made it his mission to uplift others, the Kansas City social entrepreneur said, but when a new, high-profile Peacock series begins streaming next week, viewers will witness Riddle on the receiving end of that love and support. The Civic Saint founder is set to appear on an episode of “The Gentle Art of…
Raven’s return-to-earth science is complete, founder says; a new space accelerator will help get the KCK-built tech off the ground
A KCK startup that could revolutionize space transportation is among 14 companies selected this week for an accelerator program from Amazon Web Services that focus on “transforming the future of space for all of humanity.” Kansas City-based Raven Space Systems — led by co-founders Ryan Cowdrey and Blake Herren — is building entirely 3D printed reentry…
Tesseract earns $1.25M contract to help Space Force, military ‘predict the future’
Industry-defining tools built by Kansas City’s Tesseract Ventures will help the U.S. Space Force accurately track machines, people and objects on base, and create a clearer understanding of launch conditions through next generation data visualization, said John Boucard. Tesseract announced Tuesday that the company has been awarded a direct-to-Phase II Small Business Innovation (SBIR) contract…