Kansas City launched a new $25 million regional housing fund on Tuesday at Union Station, aiming to expand that total to $100 million and support 5,000 affordable housing units across the nine-county metro area.
Organizers built the initiative through collaboration among elected officials, nonprofits, civic groups, and financial organizations, relying primarily on private and philanthropic sources. The Greater Kansas City Local Initiatives Support Coalition and LISC Fund Management will oversee the program, providing low-cost financing to developers focused on creating and preserving affordable, mixed-income housing.
“Housing costs continue to rise at a rate far greater than incomes, putting millions at risk of housing instability and pushing homeownership out of reach for many,” Geoff Jolley, executive director of LISC in Kansas City, said at Tuesday’s announcement. “Often, these experiences are felt disproportionately by certain populations in our communities.”
The announcement arrives as research from the Mid-America Regional Council shows the nine-county metro faces a shortage of 29,000 homes. Geraldine Ide Gardner, executive director of the nonprofit association of city and county governments, said the region has built fewer and fewer homes over time.
“This is causing upward pressure on housing costs, and it’s making housing unattainable for our low and moderate income residents,” Gardner said. The region has recorded 57,000 fewer owner-occupied homes compared to the year 2000, shifting more residents into renting.
Joe Reardon, president and CEO of the Greater Kansas City Chamber of Commerce, emphasized that the regional housing shortage acts as a direct barrier to local economic development.
“We can attract new employers and create thousands of jobs, but if the people filling those positions can’t afford to live in the communities where they work, we’re creating a barrier to our own economic success,” Reardon said.
“When people have to travel farther to find housing they can afford, it affects their quality of life, their household budgets, and their ability to participate fully in our regional economy,” he said.
To qualify for financial support, developers must apply to the fund for approval. According to reporting from the Kansas City Beacon, at least 51% of the housing units backed by the fund must remain affordable to households earning 80% of the area median income or less.
“It gives our region a practical tool to close financing gaps that can create barriers for creating housing, while also helping to preserve homes that residents can continue to afford,” Ryana Parks-Shaw, Kansas City Council member representing the 5th District, said.
The new initiative operates separately from Kansas City’s Affordable Housing Trust Fund, which the city established in 2018 to provide loans and grants for households earning at or below 60% of the area median income, KCTV reported. One recent $8.5 million round from that municipal fund supported eight projects expected to deliver 447 homes.
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