‘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-based Tico Sports is headed back to the Super Bowl too; this time play-by-playing both sides
A Kansas City production is returning to the Super Bowl Sunday as the official Spanish language broadcaster for both the Chiefs and the Philadelphia Eagles. It’s Tico Sports’ third trip to the big game — but the first where the Latino-owned company will broadcast for both competing teams. “We are incredibly thankful for our relationships…
To love your coworkers, love yourself first; and, yes, the Golden Rule applies at work too (Holistic Hustle)
Kharissa Parker is a news producer, writer, certified health coach, and columnist for Startland News. For more of her self-care tips on how to keep your cup full, visit kparker.co. Editor’s note: This commentary on relationships — and how getting along with co-workers begins closer to home than you might think — wraps up Parker’s…
They’re plating my jam! How a homecoming dance inspired this teen’s charcuterie business with family on board
Curating colorful boards of meats, cheeses, nuts and fruits always came natural to Bella Messmer, she shared; it wasn’t until after she started her charcuterie business that she learned that passion was passed down from her grandmother. “In the ’70s, Bella’s grandmother would host these lavish parties among other Miami socialites, and she would make…
We’re all going to die: What’s more inclusive than death? asks KC’s favorite doomed streetwear brand
Wasteland Society is for the strange; those who believe that there’s no such thing as “normal”; people who recognize the reality that sadness is part of life, and that’s OK, the duo behind the irreverent apparel company detailed. “Whenever people ask us what we stand for, I always say existentialism with inclusion,” said Peter Nonprasit,…