‘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
Alchemy Sandbox winners lean into challenge of live pitches as Porter House KC awards third-round checks
A third round of Alchemy Sandbox winners each walked away with more than a $5,000 check this week after an intense live pitch experience for the entrepreneurs behind three Kansas City Main Street ventures and two support organizations for Black businesses. “It was interesting to see how I had all this information in my head,…
Tech piloted in KC classrooms went viral, now Boddle has raised $3M in seed funding
TULSA — Funding for its rapidly scaling education gaming platform is expected to fuel Boddle Learning’s nationwide growth, as well as help the startup expand its product offerings outside of math and develop new interactive multiplayer experiences. “It’s always been one of our goals to inspire learning anywhere,” said Edna Martinson, co-founder of Boddle, describing…
Bellwethr acquired by ecommerce payments platform; merger to boost Shopify brands
A Kansas City startup’s machine learning tech is expected to bring its new owner’s vision to reality: driving new revenue for Shopify brands plagued by churn among subscribers. Bellwethr announced the acquisition Thursday, detailing the company’s merger with Park City, Utah-based Retextion. As part of the undisclosed deal, Retextion will integrate Bellwethr’s popular churn reduction…
BacklotCars co-founder set to be honored as UMKC’s regional Entrepreneur of the Year
A founder who helped drive one of the metro’s biggest startup exits is expected to be heralded in October as UMKC’s Kansas City Entrepreneur of the Year. Justin Davis, co-founder and CEO of BacklotCars, will take the stage Oct. 12 alongside five other honorees — business leaders who have shaped entrepreneurship, according to officials at…