‘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
KCMO sets aside $1.4M to get small biz, artists in the front door before World Cup arrives
A city-led and funded effort to fill vacant storefronts in downtown Kansas City ahead of the 2026 FIFA World Cup is still taking shape, officials said this week, noting that crafting the infrastructure for the program alongside private property owners is expected to extend through the summer. “The World Cup is just the beginning of…
Former Drunken Fish space spinning coastal VIP remix with DJ Kygo’s Palm Tree Club KC
Palm Tree Club recently debuted in hot spots Orlando, Miami and Las Vegas. Now it’s coming to Kansas City. Described as a “global lifestyle, entertainment and hospitality platform” — think caviar martinis, A5 Wagyu dumplings, VIP lounges, premium bottle service, DJs and open-air rooftop — Palm Tree Club Kansas City plans a fall opening in…
Topeka’s new community-built innovation incubator turns soil; leaders eager to show the world what grows
TOPEKA — It’s not just about breaking new ground in the state’s capital, said Neal Spencer; the Link Innovation Labs project’s global reach serves as “a foundation for growth, impact, and the future of our great city.” “It’ll be a hub for ideas, connection and opportunity — a place where startups launch, collaborators spark, and…
Global startups plug into Topeka: How Kansas connections are powering their innovation
TOPEKA — Collaboration in the Midwest is just a call away, said Romaine Redman. It’s a reality that sets the region’s entrepreneurial ecosystem apart, he added, and a heartland trait that seeds Topeka’s Plug and Play accelerator with the potential for international impact. “I pick up the phone and I call someone, and they’re here…