‘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
Bardavon acquires San Fran health app to complete hybrid treatment platform for workers
Adding PeerWell — and the San Francisco startup’s leadership — to the portfolio of tools at Bardavon Health Innovations will help the Overland Park health powerhouse complete the industry’s first digital solution for worker musculoskeletal health, said Matt Condon. Together, Bardavon and PeerWell will pair in-person therapy, virtual coaching, and self-care for injury prevention and…
That purple smokey eye? It’s a mask of confidence, KC beauty entrepreneur says
At first glance, beauty is a superficial industry, Alley Gage admitted, her reflection showing in a nearby mirror as she spoke about her decade-long career in cosmetics. The truth she’s learned about the industry — well, it’s a reality she isn’t willing to gloss over. “I’ve always loved the concept that a tiny jar of something…
Generational wealth is coming to Prospect; meet the business group (and KC woman) leading the charge
As a former small business owner herself, Simone Curls wants Kansas City entrepreneurs to avoid the struggles she experienced. “I did it through the fire,” said Curls, executive director of the Prospect Business Association. “I walked those burning coals.” Curls grew up around the corner from the Prospect Business Association’s offices on Linwood and Prospect.…
How Tiger Woods’ swing at The Masters was influenced by this Lawrence lab
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. LAWRENCE…