‘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
Bean around the block: How this Westport coffee shop is cherry picking roasts from its own farm in the Andes
A hemisphere away from Brett Janssen’s former job at General Motors in Kansas City’s Northland, the now-budding Westport coffee shop owner found a fresh batch of opportunities: his wife, business partner and a transcontinental farm-to-cup Columbian coffee operation. Janssen’s House Coffee — the fruit of Janssen and his fiancée Genisis Mejia’s passion for coffee —…
Attic with global ambitions: Luxury brand builds from humble origins to Material Opulence
Renauld Shelton II sees power stitched into the seams of fashion, the Kansas City designer said, detailing the dynamic pairing of apparel and pride that grounds his luxury clothing brand. “It’s a confidence builder. When you look good, you feel good,” said Shelton, founder and CEO of Material Opulence. “It sets you up for success.”…
Startup Crawl returns Sept. 19, marking Startland’s 10-year anniversary with KC innovation focus
Kansas City’s largest startup open house is back this fall — celebrating a decade of innovation alongside emerging builders and newsmakers. Set for Sept.19 and organized by Startland News, Startup Crawl will mark the newsroom’s 10-year anniversary with a high-energy showcase of the city’s entrepreneurial community. The event, presented by the Ewing Marion Kauffman Foundation,…
How reactivating history can drive economic growth more sustainably than a new build
Editor’s note: The following is part of an ongoing feature series exploring impacts of initiatives within the Economic Development Corporation of Kansas City through a paid partnership with EDCKC. Hotel owners wanted charm that can’t be built in today’s economy; Kansas City history booked them the bones to do it A one-of-a-kind, limestone-clad building at 906…