‘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
National pain points meet local solutions at C3KC; How ‘energy of the day’ can spark lasting change
Editor’s note: The Junior League of Kansas City — through its C3KC conference — is an advertiser with Startland News. Fostering conversations about the most-pressing concerns facing communities not only helps expose the best of Kansas City innovation, said Becky Haddican, it also serves as a catalyst for even greater collaboration in the future. Now in…
AI-generated bedtime stories are just the first chapter in JQ Sirls epic venture to make the publishing industry more inclusive
Every great children’s story deserves the opportunity to be published, JQ Sirls said, adding his own footnote that more people are qualified than they think to create them. “I could put 1,000 people in one room and tell them all to write a short story about their childhood. While many of them may have a…
‘When puppets talk people listen’: It’s not just storytelling anymore for one of KC’s most beloved children’s theaters
A Kansas City arts institution known for years as the Mesner Puppet Theater is animated with new life, said Meghann Henry, detailing a mission pivot for the freshly sewn and rebranded What If Puppets. Evolution at the nonprofit has taken a turn toward early childhood education since the retirement of Paul Mesner in 2016 —…
M25 drops Midwest Madness bracket for best startup hub: 4-seed KC faces up-hill battle (Here’s how to vote)
Bracket update: Since this story’s original publication, Kansas City has advanced to the Midwest Madness bracket’s Round of 32. Voting on Kansas City’s next match-up — against 5-seed Lafayette, Indiana — begins Tuesday, March 21. As sports fans fill out March Madness brackets this week, a Chicago-based venture capital firm is encouraging Midwestern founders, investors…