‘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
Arts summit’s three-year move to KC celebrates flyover country creatives (and the entrepreneurs who make it)
Great art stands on its own merits, said Diane Scott, but if the artist behind a piece can’t or doesn’t sell their vision to the world, their expression hasn’t achieved its goal. “Nobody makes art to not share it with other people,” added Scott, director of artist services for the Kansas-City based Mid-America Arts Alliance,…
How this ‘Hallmark town’ gets its country charm from a Main Street serial entrepreneur
Editor’s note: The following story was produced through a paid partnership with MOSourceLink, which boasts a mission to help entrepreneurs and small businesses across the state of Missouri grow and succeed by providing free, easy access to the help they need — when they need it. WARSAW, Mo. — Owning her own boutique — and…
Landlord insurance startup using $30M round to invest in KC team; here’s where its hiring
An eight-figure funding injection is expected to allow Steadily to fuel growth in its greatest asset: talent, shared OverlandPark-based co-founder and COO Datha Santomieri. On Wednesday, the landlord insurance startup — with headquarters in Overland Park and Austin, Texas — announced a $30 million Series C round led by Two Sigma Ventures with participation from…
Community honors ‘relentless storm’ of Chicano culture (starting with its unsung women)
An emotional celebration of Chicana women leaders, artists, and advocates earlier this month centered on honoring resilience and reclaiming identity — something Deanna Muñoz once felt pressured to hide. “I used to shrink myself,” said Muñoz, founder of the Chicano Center for the Arts and the first-ever ¡Viva La Chicana! Awards. “To fit in, to…