‘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
AltCap launches Heartland expansion to aid more small biz typically overlooked by lenders
An expanded geographic footprint for AltCap will see the Kansas City-based small business lender make capital more accessible for entrepreneurs in Missouri, Kansas, Texas, and Colorado. The mission-driven Community Development Financial Institution (CDFI) finances small businesses and community-driven real estate development projects that create more economically-inclusive communities. “AltCap’s expansion has better positioned us for long…
Palacana stand debuts at Kauffman Stadium; opening major league gate to more small businesses
Being the first Kansas City-based Latino franchise to have a concession stand in Kauffman Stadium is a dream come true, shared Palacana owner and CEO Jose Luis Valdez. Palacana — which has six locations across the metro and an ice cream and paleta production facility in Roeland Park — is known for its fresh paletas,…
Route to Mr. K Award runs through Union Station: See which small businesses may have a ticket for Chamber’s top honor
Editor’s note: The Greater Kansas City Chamber of Commerce is a non-financial partner of Startland News, which serves as the media partner for the Small Business Superstars program. Being recognized as one of the KC Chamber’s 2023 award nominees hasn’t fully sunk in for Dr. Karen Patrice Boyd, she said Tuesday amid dozens of her…
Founder to founder: One day you’re eating cheap ramen, the next you’re KC’s big exit story; struggles define startups as much as success
Even after building a startup into one of Kansas City’s biggest exit success stories, the entrepreneurs and leaders behind BacklotCars don’t sit around to talk about their grand achievements when they reunite, said Anders Ericson; they reminisce about how the tech company nearly went out of business along the way. “Everyone always wants to ask…