Funding Resources

• INTRODUCTION AND OVERVIEW
• GET TO WORK
• FORMING A TEAM
• ON LOCATION
• FINANCE
• • ProForma/Financial Feasibility
  • Funding Resources
  • Financing Strategies

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Photo courtesy of Carnegie Center for Literacy and Learning.

Artist space development projects are usually financed from multiple sources, most of which are similar to those of commercial or affordable housing projects. Funding from the public sectors and the private non-profit sectors mainly focus on:

• Housing and community development
• Historic preservation
• Additionally, art-related programs; issues of sustainability; and business or non-profit enterprise related grants and loans

To aid in the process of indetifying potential funding sources, we have compiled several tables that capture the most common resources applicable national-wide to Artist Space Development. As the majority funding opportunities, either from public sector or private sector, are locally based, contacting local government agencies and financial institutions for detailed information is highly recommended:

Federal Low Income Housing

State Low Income Housing

Federal Historical Preservation Tax Credit

State Historical Tax Credit

New Market Tax Credit

Additionally, before you seek out particular funding opportunities, you may want to review the following aspects of your space, as the nature of your project determines its eligibility for various funding resources:

• Function of the building. Is it residential (live-only/live-work); commercial; or mixed-use?
• What is the tenure structure of the building? Rental, co-op, condo, owner occupancy?
• Will the developer be a non-profit or for-profit entity?
• Where is the site and what is the historic status of the property?
• What is the size of the project?

Finally, you can download a case study for developing affordable space for artists by clicking here.

Further Reading

Kartes, Cheryl. Creating Space: A Guide to Real Estate Development for Artists: 87-98, 102-112. New York: American Council for the Arts, 1993.

Hecht, Bennett L. Developing Affordable Housing: A Practical Guide for Nonprofit Organizations: 88-102, Chapters 6-10. New York: Wiley, 1999.

“Square Feet Chicago-Chapters 3, 8, 9 and 10.” Chicago Artists Resource. Chicago Department of Cultural Affairs.  Date of Access:  Dec 14, 2009.  http://www.chicagoartistsresource.org/dance/node/8644

Walker, Chris. Artist Space Development: Financing. Washington D.C.: Urban Institute, 2007.

Sources

Developing Affordable Space for Artists:  A Summary of LISC Funded Projects. December 2004.  Community Partners Consultants, Inc.  Date of Access: October 30, 2009  http://www.artistlink.org/file/Developing%20Affordable%20Space%20for%20Artists.pdf

Hecht, Bennett L.  Developing Affordable Housing: A Practical Guide for Nonprofit Organizations.  New York: Wiley, 1999.

“Historic Preservation Tax Incentives.”  National Park Service, U.S. Department of the Interior.  Date of Access: Oct 30th, 2009 http://www.nps.gov/history/hps/tps/tax/brochure1.htm

“Homepage.”  Coalition of Community Development Financial Institutions.  Date of Access:  Oct 30, 2009. http://cdfi.org

“Homepage”.  U.S. Department of Housing and Urban Development.  Date of Access:  Oct 30, 2009 http://portal.hud.gov/portal/page/portal/HUD/

Kartes, Cheryl.  Creating Space: A Guide to Real Estate Development for Artists.  New York: American Council for the Arts, 1993. 

Walker, Chris.  Artist Space Development: Financing.  Washington D.C.: Urban Institute, 2007.