‘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
Gardner swag startup bags $150K from Minnesota-based accelerator for bootstrappers
PromoPulse, a Kansas software company that enables promotional product businesses to grow their sales and simplify marketing, announced today it raised $150,000 from the TinySeed accelerator program. The funding and TinySeed’s collaborative network will fuel PromoPulse’s mission to amplify the sales and marketing of businesses that sell swag — also known as the promotional products…
These chefs are baking fine dining (and shareable small plates) into one of KC’s favorite cookie spots
Classic Cookie by day; Wild Rose Bistro by night. Two dining concepts will share the same space in Waldo as Chef Bryan Sparks builds a new menu — and business — from his obsession with food and growth. “It doesn’t really make sense for us to get another brick-and-mortar spot,” said Sparks, who launched the rebooted…
‘The opposite of growth is death’: Why the founder of EquipmentShare is driven by process, not an end goal
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 the Ewing Marion Kauffman Foundation, which leads a collaborative, nationwide effort to identify and remove large and small barriers to new business creation. COLUMBIA,…
Hair and beauty emergency? On-demand app matches stylists with last-minute needs nearby
Inspired by the need for a last-minute blowout at a hotel in Florida — as well as her life-changing experience with contract work — Ruth Shrauner turned to tech that she hopes will reshape the foundation of the beauty industry. The Shawnee-based founder and CEO plans to launch her app — Poshed On The Go…