Kansas City dollars will close a funding gap to kickstart redevelopment of Parade Park Homes , the historically Black-owned former housing cooperative on the east side with over 1,000 new units of housing with a focus on affordability.
The City Council approved a funding package on Thursday from multiple sources for the first phase of the project, which will add 480 units of housing, including:
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A $12 million loan from the Housing Trust Fund for affordable housing that will be paid back over six years, replenishing the fund. The fund currently has about $20 million in the bank.
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$2 million from city funds for demolition of dangerous buildings.
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Directing the city manager to find financing with an estimated present value of $3.9 million.
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Supporting an application for $5 million to the Central City Economic Development board, which would have to approve the application separately.
Gavriel Schreiber, general counsel for the mayor’s office, told officials earlier this week that the funding represents the City Council “walking the walk” with an investment in areas of the city that deserve it with safe, dignified housing that everyone in the city deserves.
“This is a crown jewel of Kansas City — of Kansas City’s east side, and historic parts of Kansas City that have historically been under-invested in and underrepresented,” he said.
Construction could begin in the summer. The first phase of the $300 million project will include a mix of apartments, flats and townhomes in various sizes at more affordable levels…