KCMO CDE Project Featured in KC Star
The Linwood Area Ministry Place’s (LAMP) redevelopment of the former Linwood Presbyterian Church was the subject of a feature news story in the Local section of the KC Star recently. The article highlighted the KCMO CDE’s involvement in helping the effort to repurpose the long abandoned church with support from the New Markets Tax Credit (NMTC) Program. The KCMO CDE contributed $5 million in NMTC allocation, providing a much needed capital source with flexible rates and terms. Central Bank of Kansas City also contributed $5 million in allocation bringing the total amount of NMTC facilitated financing generated to support the project to approximately $2.5 million.
The redevelopment project had been in the works for years but finally made a breakthrough last year with both the use and funding plan. ReDiscover, a social services non-profit, was recruited as the anchor tenant signing a long-term lease. Additional space at the completed project, which includes the Harold Thomas Center, will be made available to other organizations in addition to existing long-term tenant, the Front Porch Alliance. While NMTC was a critical piece of the overall funding structure for the project, Historic Preservation Tax Credits, a loan from Simmons First National Bank, charitable contributions, and tax abatement from the LCRA all played an important role in allowing the project to finally come to fruition.
“This project really represents both the challenges and opportunities that exist when trying to make uniquely transformative projects happen in historically underinvested communities,” said Ruben Alonso III, Executive Director of the KCMO CDE. “The KCMO CDE is honored to be a part of the team of public and private sector partners that worked to help pull this important project together. We congratulate LAMP on realizing their long-awaited vision for the church and surrounding community.”
Read the full article about the LAMP project here.
KCMO CDE SEEKS ADDITIONAL PROPOSALS FOR NMTC FACILITATED FINANCING
The KCMO CDE continues to seek more opportunities to use NMTC to facilitate financing for catalytic investments in Kansas City, Missouri like the LAMP project and many others. The CDE is currently accepting applications from operating businesses or real estate development entities seeking NMTC facilitated financing. Applications will be accepted via email until May 1st, at 5 pm CST. Interested businesses or real estate development entities can access a copy of the KCMO CDE’s NMTC application here. Questions about the KCMO CDE’s NMTC Program can be directed to Ruben Alonso III at 816-216-1851, ext. 2, or ruben_alonso@kcmocde.org |
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Local Yoga Studio Boosts Business Through Improved Facade
When property owner Idris Raoufi acquired the building at 514 East 31st Street in 2014, he immediately began a comprehensive renovation. With the help of a Façade Improvement Loan from the KCMO CDE, Idris made substantial improvements to the front facade and brought in Inner Space Yoga as the first floor tenant.
Lisa Frank, yoga instructor and owner of Inner Space Yoga, moved into the building in 2014 and says "I moved Inner Space Yoga to 31st Street less than a year ago and my business has more than doubled! I attribute that to being a part of an awesome community that supports small and local businesses and largely to the beautiful facade that we were able to install with the assistance of our KCMO CDE loan... New students often remark that the new windows and other facade work on the building are what initially got them in the door. It couldn't have been done without the KCMO CDE!"
KCMO CDE is proud to be a partner in the community and offer its Façade Improvement Loans to help small business owners boost their visibility and revenue while also supporting neighborhood revitalization.
For more information about the façade improvement loan program or to apply for a loan visit our website at www.kcmocde.org or contact Carmen Lopez, Director of Lending, at carmen_lopez@kcmocde.org, or by phone at 816-216-1851, ext. 5.
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KCMO CDE & CCF Help Launch New Grant Funding Collaborative
The new Neighborhoods Rising Fund (NRF) is a funding collaborative that will provide grants up to $3,000 for high impact community projects and neighborhood revitalization initiatives that help build stronger and more effective neighborhood organizations in low to moderate income areas throughout the Greater Kansas City region. The NRF will be managed by the Community Capital Fund (CCF) and Greater Kansas City Local Initiatives Support Corporation (LISC).
Formerly called the Neighborhood Self Help Fund, the NRF is being relaunched in 2015 with funding from its three key legacy funders: W.T. Kemper Foundation, H&R Block Foundation, and the Hallmark Corporate Foundation. Supplemented with additional funders, including the KCMO CDE and the Sosland Foundation, $100,000 is being raised annually to expand the collaborative.
“The relaunch of the Neighborhoods Rising Fund and the support it receives from some of the city’s largest companies and foundations is a testament to the importance of investing in neighborhood revitalization at the grassroots level,” said Ruben Alonso, Executive Director of the KCMO CDE.
The grant round will open Friday, April 10th with applications due May 8th at 5pm. For information about the new Neighborhoods Rising Fund visit the CCF website at www.ccfkansascity.org or contact Amanda Wilson, Program Manager for the Community Capital Fund, at amanda@ccfkansascity.org or 816-502-9584.
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