‘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
Just funded: Digital Sandbox KC starts new year with six new startups on its roster
Digital Sandbox KC’s latest round of startup funding reflects the emergence of more Kansas City-built, scalable tech in the new year, said Jill Meyer, announcing the fourth-quarter roster of companies bringing innovative ideas to life in the region. “These six companies demonstrate the creativity and diversity of our region’s technology founders and problem solvers,” said…
Merger alert: ‘Shark Tank’ star teams with Gary Fish, Fishtech to form new cybersecurity powerhouse
A merger announced today between award-winning cybersecurity solutions providers Fishtech Group and Herjavec Group will unite the companies as a single entity under a new brand to be announced in early 2022. The deal — backed by funds advised by Apax Partners LLP (The Apax Funds), which will hold a majority stake in the new…
Vegan spell falls over West Bottoms restaurant as this trio’s plant-based potions ring in a new year
Every witch needs a coven, said Olive Cooke, Sylvia Metta and Kim Conyers; so they conjured a community in the West Bottoms to serve their vegan bites. Cauldron Collective — a plant-based, comfort food venture co-founded by self-proclaimed “cooking witches” Cooke, Metta and Conyers in January 2021 — made its mark in Kansas City through…
Topeka is building its own startup hub; a new group is pushing those left out from survival mode to creation
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. The…