‘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
Pipeline Innovators gala adds glamour, top honors back into the mix for celebration of fellows
A remixed Pipeline Innovators gala honored veteran and emerging fellows from within the elite startup founder network Friday — returning the full live celebration to a stage in Kansas City for the first time since 2018 and crowning two new Innovator of the Year recipients. Marking the first Innovators gala for Pipeline executive director Melissa…
When a global health crisis exposed ‘broken’ systems, these KC startups jabbed back
Patients need easier access to their medical records, said Saroj Gupta, stressing the life-threatening outcomes for individuals who might miss important vaccinations — or erroneously obtain multiple doses — because of poor or hard-to-find documentation. “We call ourselves a developed country, but our healthcare system is so broken,” said Saroj Gupta, the founder and CEO…
AT&T deal brings head-to-head ‘Pet Battles’ to Boddle in a first for the KC-made edtech app
A new collaboration between Boddle Learning and AT&T hopes to keep students plugged into learning long after they’ve unplugged from the classroom. “With summer break quickly approaching, it’s important to help kids maintain knowledge outside of the classroom,” AT&T said in a release announcing its teamed up with Tulsa-based, Kansas City-born Boddle to introduce new…
Budget bump to $31M would help MTC attack its 16-point plan for Missouri entrepreneurs; funding fate rests with governor
A key funder of initiatives like Digital Sandbox KC and LaunchKC could see its own fortunes rise if Missouri Gov. Mike Parson signs a budget that includes $31 million to boost technology, entrepreneurship and innovation efforts in the state. The Missouri legislature last week passed a budget that would dramatically up the Missouri Technology Corporation’s…