‘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
Smart dog crate created in KC could be just months away; Interplay set for August crowdfunding, launch party
Dog owners are one step closer to getting their hands on the world’s first interactive dog crate as Kansas City-based Interplay plans the Aug. 12 launch of its hotly anticipated debut product, PlayTach. The milestone has been a long time coming, said Jonaie Johnson, founder and CEO of Interplay, who has been working on it…
‘If you don’t own yourself, you own nothing’: Why one founder says he’ll relocate his business if Kansas bans abortion
Editor’s note: This story is part of a series on the 2022 election produced by the KC Media Collective, an initiative designed to support and enhance local journalism. Members of the KC Media Collective include Startland News, Missouri Business Alert, Kansas City PBS/Flatland, KCUR, The Kansas City Beacon and American Public Square. Andrew Morgans has…
Shop Local KC gets minimalist makeover as local maker retailer opens Leawood store
Katie Mabry van Dieren is no stranger to the Ranch Mart Shopping Center in Leawood, the Shop Local KC owner said, returning to her roots this weekend to open a second location for her Kansas City maker retail store. “One of my greatest childhood memories was riding my bike to Ranch Mart and either getting…
KC wants to be the nation’s most equitable hub for biologics; prestigious MIT pick could help
Biologics is the entryway to personalized medicine, said Sonia Hall, and Kansas City is aiming to create the most inclusive hub for the development, production and distribution of biologics as part of its acceptance to the Massachusetts Institute of Technology Regional Entrepreneurship Acceleration Program. “When you talk about personalized medicine, you’re talking about greater equity…