In the 1990s a former city planning commission member founded Houston Renaissance, a nonprofit private charity sustained by federal and municipal funds. The charity bought large portions of the community and announced plans to redevelop the parcels into affordable housing. Instead the charity defaulted and the Houston Housing Finance Corp. took control of the lands. The city divided the parcels to the east and the west. The city sold the parcels closest to Downtown Houston to private developers. The city used the acquired funds to develop the remaining parcels into subsidized houses, with each priced around $110,000.