There are thousands of vacant and abandoned homes in Kansas City and now lenders are stepping up to help finance KC Land Bank homes and rehabs in the urban core.
Jamaica Collins bought a house from Kansas City's Land Bank in July of 2016 as part of the "Dollar Houses" program. Since then, the couple has spent thousands of dollars in renovation costs.
"I would say, if we counted in our labor and materials we probably spent close to $25,000," said Collins.
The family of nine will need to spend even more to make their future dream home inhabitable.
Ted Anderson is the executive director of the Land Bank. He says they are constantly looking for ways to revitalize Kansas City neighborhoods and attract owner/occupants.
"One problem Land Banks have had nationwide is the lack of bank financing available in the inner-city for Land Bank homes so we've been working hard on that for the last couple of years," said Anderson.
Anderson says they've identified 6 lenders who are willing to finance properties and rehabs for Land Bank homes in Kansas City. They're hosting an open house on Friday, June 23rd to introduce potential buyers to potential investors.
"They're willing to make rehab loans and they supervise the rehab. They pay the rehabbers. First of all, they approve the rehab on the front end so that they know that the rehab is going to be done correctly. They get involved with the rehab plan and then they pay the money out as the rehab work is done," said Anderson.
Anderson says the financing options will be open to new and past buyers, so families like the Collins can move-in faster.
"It's good that they're finding someone who's willing to take the risk to help people like myself out to get our project done faster," said Collins.
The open house will be on June 23rd at the Land Bank Headquarters at 4900 Swope Parkway from 2 p.m. until 6 p.m. For more information contact the Land Bank at (816) 513-9020.