‘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
The Future is Black: Storytelling duo launches effort to inspire new generation of creatives, entrepreneurs
The future is Black and Dominic Davis wants Kansas City to know it, he said, announcing the launch of a new campaign aimed at better connecting and supporting entrepreneurs and creatives of color. “When one of us wins, we all win,” Davis said, detailing his decision to found The Future is Black (TFIB) — a storytelling…
Divide and conquer: Splitsy pulls $70K from crowdfunding, ‘extra bump’ toward launch
Splitsy is ready to cash in on its widespread consumer appeal, revealed Brad Starnes, announcing the close of the startup’s first crowdfunding campaign and what it might mean for its rapidly scaling future. “We’re sitting at about $130,000 in funding right now,” said Starnes, co-founder of Splitsy, noting a nearly $71,000 chunk of the startup’s…
KC Pioneers secure six-figure funding from up-and-coming investment firm backed by MySidewalk exec
“Investment” goes deeper than simply writing a check, Mark Josey said, noting Kansas City’s premier esports league plans on being intentional in raising its $2 million seed round. “When you’re looking for partners, investors and sponsors, it starts at the core with asking: Do they believe in our mission, vision and value? Do they have…
KC couple’s 15-year journey evolves into $4M 24-hour child care center in urban core
A multimillion-dollar expansion for KD Academy is expected to upgrade the early learning and child care center’s capacity from 95 to 430 students at its new headquarters on Prospect Avenue — a redevelopment boon for the east side corridor and the extension of a family’s long-running mission. “Our goal starting out was to create a…