‘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
Organized mess or inbox in distress? What your email says about the vibe at work (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 awareness of space — and how it reflects the vibe necessary to succeed at work — continues Parker’s series on…
Federal ban on noncompetes would ‘unleash’ entrepreneurs, open door to more startups, advocate says
A proposed rule change that would stop employers from imposing and enforcing contract clauses to limit their workers’ ability to change jobs within their fields is being hailed as a “vital step on the path to expanding economic growth in the United States,” according to one Kansas City-based advocate for entrepreneurs. Earlier this month, the…
Ice Cream Bae returns to the Country Club Plaza with its own storefront, more flavors
Adison and Jackie Sichampanakhone have a soft spot for the Country Club Plaza, they shared. It’s where the journey with their soft-serve ice cream shop began. “We’re excited to be back. We had so many great customers down here before, so we’re happy to be able to serve them again,” said Adison, who co-founded Ice…
Just Walk Out: Crossroads Market features Amazon tech for checkout-free convenience
Grocery shoppers in the Crossroads can now skip the checkout line. Newly outfitted with Amazon’s Just Walk Out and Amazon One technology, Community Groceries Crossroads Market reopened to the public Friday. The Crossroads Market — owned by Kortney Lee at 640 East 18th St. — is the first store in Kansas City and the first…