Kansas City Buys Parade Park For Ten Bucks

Local housing schemes have always been sketchy . . . Here's a peek at a longstanding development that earns high praise despite questionable & often FAILING finances . . . 

Translation . . .

"This housing co-op earned high praise at the end of the civil rights era but it transformed into a dump over time and now is getting bailed out with free money."

Check a quote from the cover story . . .

"The City Council on Thursday is scheduled to consider a measure that would authorize the city's acquisition of Parade Park Homes, a 510-unit housing co-op near the historic 18th & Vine Jazz District, from the U.S. Department of Housing and Urban Development.

"Kansas City would buy the 26.6-acre community from HUD for $10, contingent on HUD's own acquisition at a March foreclosure sale, and immediately transfer it to Flaherty & Collins Properties for redevelopment.

" 'It's the first Black co-op in the country, and we want to make sure we're thinking of that, we're keeping our history in front of us and we're making sure that ... we keep the significance of the community at the forefront,' Councilwoman Melissa Robinson said during a Tuesday meeting of the Special Committee for Legal Review, where officials advanced the proposed transfers for the full Council's consideration."

Read more via www.TonysKansasCity.com link . . .

KC plans to buy Parade Park Homes from HUD, transfer to new developer - Kansas City Business Journal

If HUD acquires Parade Park Homes through a coming foreclosure sale, Kansas City wants to buy the historic Black-owned co-op and transfer it to an Indianapolis builder, who could pursue redevelopment while carrying out almost $19 million in needed repairs.