‘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
USDA approves KC biotech startup’s secret weapon in the fight against cancer in dogs
Full USDA approval of a Kansas City startup’s bone cancer therapy for dogs reflects a more-than-decade-long commitment to improving the lives of pets and their families, said Tammie Wahaus, CEO of ELIAS Animal Health. The U.S. Department of Agriculture Center for Veterinary Biologics recently approved the first-in-class ELIAS Cancer Immunotherapy (ECI) treatment for canine osteosarcoma…
This (still) ain’t luck: How a decade of grit proved these urban heroes are ‘more than just clothes’
MADE MOBB’s ‘collaboration is community’ mindset takes the stage as streetwear brand named an Urban Hero Earning the title “Urban Hero” allows the owners of MADE MOBB an opportunity to publicly give themselves flowers, they said, sharing a twist on the slogan from one of their most popular tees. MADE MOBB — a Crossroads-based streetwear…
Nonprofits need merch too: How Sandlot is helping local orgs get the goods with no risk, low waste
HelpingHats’ debut celebrates the 10-year anniversary of Made in KC — and helps raise money for a high-profile nonprofit Sandlot Goods’ newly launched HelpingHats programs aims to help like-minded organizations reach their fundraising goals while also supporting American manufacturing, explained Thomas McIntyre, noting local-first retailer Made In KC serves its test case ahead of a…
Look inside: North KC brewery adds game bar to the block (plus one of KC’s favorite sandwiches)
A game bar with a vintage national park theme is coming to North Kansas City next month — with Bay Boy sandwiches packed for the short trip. The Commons is an extension of Cinder Block Brewery at 110 E. 18th Ave. The craft brewery opened in September 2013. When a dance club recently closed next…