‘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
VIDEO: How KC-built Engenious Design is scaling with stealth to atmospheric heights
Editor’s note: Engenious Design is a financial supporter of Startland News. This video feature was produced through a paid partnership. From life-saving medical devices to unexpected innovations taking orbit, Engenious Design — a white label manufacturing and design firm headquartered in Prairie Village — might be Kansas City’s best-kept success story, teased Chris Justice, principal…
City zoning change melts barriers for artisanal makers building businesses in KCMO
Editor’s note: KC BizCare is a financial supporter of Startland News. This story was produced through a paid partnership. Birdie Hansen started making candles as a hobby during the pandemic, and the business quickly grew to a level beyond what she and her husband David’s home in Midtown could accommodate. Scaling operations for Effing Candle…
VC summit: It’s a great place to ‘keep your head down and build’ — but is ‘KC nice’ slowing potential?
Building a startup in Kansas City comes with a mix of unique benefits and challenges, said serial entrepreneurs Riddhiman Das and Toby Rush, who both agreed the local ecosystem is enjoying “significant” momentum — while pushing the startup scene to be “more aggressive and more brutally honest.” “When you’re on an exponential growth curve, whenever…
Winners revealed: LaunchKC awards $300K in rebooted grants competition
LaunchKC’s cornerstone grants celebration returned Tuesday after a four-year hiatus, awarding six Kansas City startups — from gaming and edtech to IoT and healthcare — with $50,000 each in non-dilutive grants. “A win for these companies is a win for Kansas City,” said Becca Castro, strategic initiatives manager for the Economic Development Corporation of Kansas…