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Greater Kansas City LISC is successfully spurring progress with the unique benefits of its Catalytic Urban Predevelopment Fund. Made possible by funding from the Ewing Marion Kauffman Foundation, Hall Family Foundation, the City of Kansas City, Missouri, and the Unified Government of Wyandotte County in Kansas, this flexible, patient capital resource is a shining example of a public-private-philanthropic partnership.
In just six months, more than $850,000 from the Fund is being invested to drive a potential development scenario of more than $40 million that includes mixed-income housing and critical social services. Non-profit and private developers are benefitting from a combination of these low interest loans and zero-interest project investments that can move concepts from the planning stages through to construction. Dozens of additional projects have been considered for funding, and some are close to being capitalized. Other projects continue to build their case for feasibility or are searching for partnerships that can add financial or technical bench-strength to their plans.
1. Paseo Gateway District
The Paseo Gateway plan will replace all 134 units of public housing at Chouteau Courts with 360 units of affordable and market-rate housing to create new mixed-income environments. The project received a $1.5 million loan from LISC, part of which is from the Catalytic Urban Predevelopment Fund. This leverages a $30 million Choice Neighborhood Implementation Grant from HUD awarded in 2015 to the Housing Authority of Kansas City, MO. LISC is the Community Engagement Specialist for the Choice initiative.
2. Hope Gardens at Linwood Place
Hope House and Linwood Property Inc. received a $49,125 project investment for their Hope Gardens at Linwood Place project to create 35 units of new rental housing for survivors of domestic violence. This funding is helping them to successfully apply for low-income housing tax credits.
3. Good Natured Market
Adjacent to Hope Gardens is the future potential site of Good Natured Market. LISC provided a $5,000 project investment for the Food Conservancy Inc. and Harvest Learning Center to develop a business plan for a market and commercial kitchen that can provide fresh, healthy food in an area lacking grocery stores.
4. The Palestine Legacy Residences
The Palestine Legacy Residences project is a 45-bed assisted living and memory-care facility with 12 independent-living senior apartments. With LISC’s loan of $68,500, it is anticipated that the vacant Ladd Elementary School will be transformed into this mixed-use facility to support seniors in the community.
5. Horace Mann Senior Apartments
LISC has provided a critical $25,000 project investment to Ivanhoe Neighborhood Council to conduct the early stage activities required to apply for low-income housing tax credits on a new 3 story apartment building containing 40 units of affordable housing. The Horace Mann Senior Apartments builds upon the success of the recently completed housing for the Ivanhoe Gateway at 39th project.
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