‘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
Entrepreneurs worry World Cup could leave small biz, communities on the losing team
FIFA’s summer games set to bring opportunity to Kansas City, but some fear a ripple effect that lasts far longer than the 2026 matches With each month that passes before Kansas City hosts games for the FIFA World Cup in June 2026, local small business owners are facing anxiety about the uncertain plays ahead —…
Real-life KC startup bros create virtual basement gaming vibes, turning once-isolated streaming into a familiar party
In today’s connected world, gaming with or against relative strangers — or “friends” a player only knows from a specific game or platform — is the norm. A Kansas City startup’s new streaming venture aims to recreate old school gaming-with-friends-in-the-basement vibe in the digital world. Available on Steam for free when its beta goes live…
KC’s college education gap is widening based on income; new effort targets barriers to dreams after high school
A just-announced initiative — backed by the Bloch Family Foundation — has a straightforward goal: put more college advisors in Kansas City Public Schools and develop a strategic plan to boost access to quality, affordable college education or career training after high school. The newly launched Kansas City College and Career Attainment Network (KCCAN) already…
Growth-fueled HR tech startup moving to Crossroads after announcing $9M defense contract
Jumping from a handful of employees to 15 over the past year has come with growing pains for Piccadilly Software Group, said co-founder Abe Dick, but the flip-side comes in the form of enhanced community presence, new office space, and greater opportunity for its signature product. The company this month announced its move to a…