Featured Project Kansas City, MO (May 30, 2007) — Greater Kansas City LISC will provide a $550,625 loan to the Tax Increment Financing Commission (TIFC) to be used for neighborhood rehab projects under the Southtown Corridor/31st & Baltimore TIF plan. The neighborhoods which will benefit include Blue Hills and Ivanhoe. The original Southtown TIF plan approved in May 1994 was amended in February 2007 to expand the benefit area to include these neighborhoods.
The loan represents the second major investment by Greater Kansas City LISC in TIFC projects in the past six years. In 2001, Greater Kansas City LISC provided $1.16 million to front-load the RAMP TIF district (Rehabilitation Assistance for Midtown Properties). To date, the program has successfully provided residential rehab funds to 62 single family homes and 36 multi-family units.
“These loans help ensure that residents in promising Midtown neighborhoods have access to critical dollars for housing rehab projects,” said Julie Porter, Greater Kansas City LISC executive director. “LISC provides an excellent alternative for public entities to finance TIF projects in truly blighted communities thanks to our affordable fee structure and access to capital.”
Under the amended plan, approximately $250,000 will be allocated to Blue Hills and Ivanhoe, both NeighborhoodsNOW communities. Qualified residents will be able to receive up to $10,000 for exterior residential improvements including façade, roofs, windows, porches, siding, masonry, painting, lighting and fencing. It is anticipated as many as 50 homes could receive financial assistance, which would visibly demonstrate home improvement activity in these targeted areas leading to additional development and helping to stabilize property values.
The next step in the process is for a community development organization to be selected to administer and market the program, including determining the system of funding allocation for residential grants.
“These TIF projects are a great example of a public-private partnership successfully maximizing limited resources to spur development in truly low-income communities,” said John Wood, senior program officer for lending and underwriting. “Both Blue Hills and Ivanhoe are participating in the NeighborhoodsNOW program that was launched by LISC last year. NeighborhoodsNOW takes a comprehensive approach to revitalization, thereby transforming promising Kansas City, MO and Kansas City, KS urban core neighborhoods into more stable communities.”
For more information, contact John Wood at 816-753-0055 x17
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