“Fund aims to kickstart development in distressed KC, KCK neighborhoods”
Role: Executive Director, Local Initiatives Support Corporation
Year: 2016
After working in Kansas City for two years, I came to realize that a critical need in the urban real estate community was flexible, patient capital for predevelopment activities. This was especially true through an equity lens, to support small scale developers, private and non-profit, trying to advance affordable housing projects in historically challenged, marginalized neighborhoods. For nearly a year, I cultivated an investment strategy and multi-sector partnership that ultimately produced a a multi-million dollar seed investment from the Ewing Marion Kauffman Foundation. This community impact grant was then leveraged with additional funds from the Hall Family Foundation, City of Kansas City, MO, and the Unified Government of Wyandotte County, and $1 million from LISC. We launched the $4 million Catalytic Urban Predevelopment Fund in April 2016, with the Mayors of both KCMO and KCK at my side to make our joint commitment to the community. As of January 2018, over $2 million had been invested in 12 different projects. $1.5 million deployed as low-interest, short-term loans, and the balance provided to developers as 0% capacity-building grants. All told, these early stage investments anticipated driving over $100 million of total construction and producing over 250 new units of mixed-income housing.