‘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
K-State wants to bring 3,000 jobs, $3B to Kansas; here’s how a new urban-rural plan will help it reach all 105 counties
Startland News’ Startup Road Trip series explores innovative and uncommon ideas finding success in rural America and Midwestern startup hubs outside the Kansas City metro. This series is possible thanks to Entrepreneurial Growth Ventures (EGV), a business unit of NetWork Kansas supporting innovative, high-growth entrepreneurs in the State of Kansas. TOPEKA — Kansas State University…
KC-built NFT startup merges with news outlet to ‘create clarity out of chaos’ in volatile industry
It’s time for the NFT industry and digital economy to grow up, said Randy Wasinger, announcing the merger of CryptoSlam and Forkast.News — a move meant to help tame a “Wild West” ecosystem “full of promise, glory and painful outcomes for many” via on-chain data analytics and journalism. “[The NFT industry] shouldn’t lose its fearless…
StratFit secures patent, flexes plans for explosive growth with platform built in Google Workspace
StratFit founder Daniel McKee powered into 2023 with the launch of StratFit Digital MVP, advanced training design software for personal trainers and coaches. Built in Google Workspace, StratFit Digital’s Strategy Design Drive integrates McKee’s “super-system” with advanced tools that make it easy to access and use. “[With StratFit Digital], I have been working on separate…
SpiderOak raises $16.4M for space cybersecurity tech to protect ‘soft underbelly’ of satellites
A Lenexa-based company’s industry-leading technology is taking orbit with new investments that validate SpiderOak’s end-to-end cybersecurity efforts — a “mission critical” platform that reduces the attack surface of satellites and damages the ability of adversaries to jam and disrupt space communications. “Today, space-based assets are mission essential in all civil and military operations and rapidly…