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Resource ID: #21409
Subject: Real Estate
Source: Star (Kansas City, Mo.)
Date: Oct. 13, 2004


The Kansas City Housing and Economic Development Financial Corp recently spent $600,000 to buy and restore two houses. This wouldn't be so outrageous, except that the original combined value of the two homes was only $46,000. Many critics say that restoring the houses was a waste of money. Furthermore, the Housing and Economic Development Financial Corp has not paid the property taxes on these buildings. Further investigation revealed that, in fact, the agency neglected to pay the property taxes on 134 of the 287 properties it owns.

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